BUDGET UPDATES
Final Budget Hearing Set for Monday, September 28th at 6:00PM at Village Hall
First Budget Hearing Synopsis
North Bay Village’s Mayor and Commission convened for the First Budget Public Hearing for Fiscal Year (FY) 2027 on September 15, 2026. Village Administration gave a detailed presentation on the proposed budget, operating millage rate, debt-service millage rate, utility rates and capital improvement priorities.
Operating Millage
At the July 28th Budget Workshop, the Commission established a maximum operating millage rate of 7.0000 mills. Then, at the first Public Budget Hearing, held on September 15th, the Commission further reduced the rate to a tentative 6.3975 mills. This tentative reduction represents an approximate $1.09 million savings in annual property taxes Village-wide.
Debt-Service Millage
The initial proposed debt-service millage by the Village Administration was 3.4098 mills. The Commission reduced this rate to 2.1659 mills. These funds are required to provide debt payments for public project bonds, including the voter-approved stormwater bond.
Budget Priorities
The proposed budget maintains essential Village services and addresses several priorities established by the Commission including:
* Operations of the Brent W. Latham Community Center
* Continued investment in infrastructure and resilience projects
* Police and General Employee salary adjustments which were suspended in FY26
Estimated Impact on a Typical Homeowner
As part of the budget presentation, an example was shown of tax increases based on a homeowner with an average taxable value of $526,073 and monthly water use of 6,000 gallons.
Based on the figures above, the estimated annual increases are:
* Property Tax: $364
* Debt-Service Property Tax: $525
* Utility Charges: $213
Making the total annual increase $1,102 per year, or $91.83 per month.
Investing in North Bay Village
The Commission also approved the Village’s five-year Capital Improvement Plan totaling $221.4 million in projects. The FY27 plan includes $49.1 million across 21 capital projects.
Major projects include:
* $24.4 million for North Bay Village Hall
* $12 million for the North Bay Island Stormwater Project
* $2.89 million for the Treasure Island Stormwater Master Plan
* $2.01 million for the Island Walk
* $1.30 million for Harbor Island/Treasure Island ADA & Sidewalk Improvements
A Rate Set, With Room to Adjust
While the Village Commission’s working target remains 6.3975 mills or lower, they unanimously voted to adopt a maximum tentative millage rate of 6.5000 mills – a procedural safeguard to allow flexibility as may be required at the final budget hearing on September 28th. Additionally, the Commission instructed the Administration to explore further reductions prior to the final budget hearing.
Residents are encouraged to stay informed and to participate in the upcoming hearing as North Bay Village continues the budget process.
