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The Boca Raton City Council approved the 2020-2021 budget at its final budget hearing on September 21, 2020. The total operating budget is $507.2 million, and the millage rate will stay the same as last year: 3.68. Boca Raton continues to have one of the lowest property tax rates for a full-service city in the State of Florida.
Although the millage rate is just slightly lower than last year (3.6787 to 3.6786), some homeowners may see an increase in property taxes because the average assessed home value has increased by 4.75%. The new millage rate and budget go into effect October 1, 2020.
For FY 2020-2021, 8% of the property tax revenues will be allocated to the Capital Improvement Program, which is the City’s plan for infrastructure improvements and equipment acquisitions over the next six years.
Highlights of the 2020-2021 Capital Improvements Program include:
Maintaining a balanced budget, planning for the long-term impacts of growth and preparing for a financial downturn, are the fundamentals that keep Boca Raton a Financially Sound City.
The approved budget supports the goals and priorities of the City Council and maintains the City’s outstanding service levels and AAA bond rating. The goals and priorities for FY 2020-2021 remain the same due to unexpected challenges relating to coronavirus, which required staff resources for over six months.
The Final Budget Hearing presentation and discussion can be viewed on the City’s website. Budget details can be found in the Proposed Budget and the Proposed Capital Improvements Program (CIP). The final budget documents that include approved changes from the final budget hearing are being prepared and will be available to the public.