- A $621 million bond issue – the largest in the County’s history – was issued for the Airport runway expansion and modernization.
- Broward County saved $65.9 million in future interest costs through early redemption of County issued bonds for General Obligation, Water and Sewer and Airport.
- More than 1,000 property tax payments were received during a pilot program for a drive-through kiosk, nearly eliminating lines at the inside counters on days open.
At the end of Fiscal Year 2012, the state of Broward County is strong. The County’s General Obligation bonds are rated AAA, the highest rating given by Fitch and Moody’s, and AA+ by Standard and Poor’s. Broward’s economy has begun to improve.
The Fiscal Year 2012 millage rate was unchanged at 5.553. As a result, the majority of homeowners experienced a flat or reduced rate in the County portion of their property tax bill.
Property taxes were reduced by $20 million in Fiscal Year 2012, for a cumulative reduction of more than $250 million since Fiscal Year 2007. To achieve this reduction, the County’s budget has been reduced by approximately $260 million, and more than 1,800 positions have been eliminated from tax-supported programs under the County Commission and Constitutional Officers.
The Fiscal Year 2013 budget is $3.8 billion, a $428 million increase largely due to capital investments compared to Fiscal Year 2012. The combined millage rate remains flat.