Given the current economic climate for Cities and States, we are happy to report that there are no planned increases in the City’s property tax rates for fiscal year 2004. We have worked diligently to prepare for build-out over the past seven years and have streamlined the City’s operations to provide the most efficient and effective level of quality services to our residents. This has been accomplished through a combination of improved management practices, cost effective privatization of services, expanded use of technology, innovative financing and alternative revenue sources such as grants and expanded user fees. Our budgeted revenues and expenditures are in line with current economic forecasts and the City’s historical performance through similar cycles.

At the beginning of the fiscal year 2004 budget process the City’s department directors were given target amounts for their operating expenses excluding personnel costs that represented a 0% increase. Budgets that came in over target had to be justified and became subject to further scrutiny of the entire requested budget. They were told that any increase in City staff would be highly unlikely and that they should eliminate obsolete, ineffective, and/or inefficient services, processes, procedures and programs to continue operations with current staffing.

Several General Fund capital outlay requests and capital improvement projects have not been funded or delayed to future years. Even with these fiscal limitations, the City of Coconut Creek Fiscal Year 2004 budget will keep the City on its path of continued success. Funds have already been allocated during the current year and previous years for the majority of the City’s major planned programs and improvements. A proposed restructuring of previously issued debt to a lower interest rate and extended maturity will enable the City to receive funding to allocate to those projects, which have currently been left unfunded or underfunded.