City staff have recommended the tenth decrease in the property tax rate over the past eleven years. The proposed budget for fiscal year 2025, presented during the City Commission Meeting on Wednesday, July 17th, 2024, recommends reducing the operating millage rate from 5.8362 to 5.7243 mills.
If approved, this would mark the city's lowest millage rate in fifteen years. These consistent reductions have saved taxpayers more than $17 million since FY 2014. Additionally, the debt service millage rate on the city’s general obligation bonds is set to decrease by 12.7%, leading to a $10.44 reduction for the median single-family home.
The proposed budget of $166.2 million is Oakland Park’s largest and most ambitious yet. It allocates over $38.4 million for Capital Improvement Projects aimed at enhancing infrastructure resilience, recreational opportunities, city beautification, drainage improvement, and more. Over $25 million, or 66 percent of the CIP for FY25, will come from grant funding. Including ongoing projects, the five-year Capital Improvement Program represents an investment exceeding $130 million.
This budget aligns with the Commission’s strategic vision, focusing on Financial Stability & Sustainability, Infrastructure Needs, Smart Growth and Development, Community Wellness and Recreation, Public Safety and Community Integrity, Oakland Park’s Identity, and Environmental Stewardship and Sustainability. Almost 200 initiatives are included to further these goals.
The community’s support for the Commission’s leadership is evident: in 2018, over two-thirds of voters approved the City’s General Obligation Bond, and a residential survey revealed that over two-thirds of residents believe Oakland Park is on the right track.
Chief Financial Officer Andrew Thompson presented the proposed budget during the Commission Meeting. Be sure to mark your calendar for the upcoming budget hearings on Wednesday, September 4th and 18th, 2024, both beginning at 6:30 p.m. Public hearings for assessment rates are scheduled for Thursday, September 12th, 2024, at 6 p.m. For more information, visit the City website at www.oaklandparkfl.gov.