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2018

County Annual Reports2018Budget and Financial Management
Budget and Financial Management
Value: Consistently delivering responsive, efficient, quality services to the public and internal customers
The Fiscal Year 2018 budget, which took effect on October 1, 2017, was $4.84 billion, including tax supported and non-tax supported funds. The combined millage rate was $5.669 per thousand dollars of taxable value, which remained flat from Fiscal Year 2017.

The budget funds a variety of County programs and services such as transportation, traffic engineering, parks and recreation, libraries, mosquito control, animal care, elderly and veteran services and human services. Nearly half of the property tax supported General Fund is allocated to the Constitutional Offices, primarily the Broward Sheriff's Office, Property Appraiser and Supervisor of Elections.

The recommended budget continues Broward County's long-standing tradition of financial stability, multi-year planning and responsible stewardship. Broward County taxes consist of less than one-quarter of the overall tax bill, which also includes city taxes, school district taxes and special taxing districts.

Financial Management

The County's large population, economic diversity, and conservative management practices are reflected in its "Aaa/AAA/AAA" General Obligation ratings, with the most recent rating affirmation received in December of 2017 from Moody's.

In December 2017, given the looming concern about tax reform legislation and its implications, Broward County successfully advance refunded the Half-Cent Sales Tax 2010A bonds in record time at a total savings of $15.2 million (approximately $1,010,000 per annum).

In October 2018, S&P Global upgraded the rating on the Port from A- to A. This reflects the Port's strong enterprise and financial risk profiles. S&P noted the Port's excellent market position, diverse operations, very strong management, low industry risk, and a favorable location.

The Accounting Division maintains the County's financial records, produces financial reports, processes payroll for County employees and processes all vendor invoices for payment. It also provides informative and relevant financial information for the residents of Broward County, the Board of County Commissioners, other governmental agencies, investors and creditors, all of whom make social and economic decisions.

For 33 consecutive years, the Government Finance Officers Association of the United States and Canada has awarded Broward County a Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report. To be considered for this prestigious award, a government must publish an easily readable and efficiently organized comprehensive annual financial report, which satisfies both generally accepted accounting principles and applicable legal requirements.