Commission sets FY2027 budget calendar and authorizes stormwater bond parameters

At the July 2 meeting the commission acknowledged receipt of the City Manager's FY2027 proposed budget message and set the calendar for the public hearings on the proposed millage rates and assessment roll for various special assessments. The commission approved the preliminary resolutions to set proposed rates and public hearing dates for the Sunrise Key Neighborhood Improvement District, the Lauderdale Isles water-management assessment, the fire assessment, beach business improvement assessment, utility undergrounding assessments, stormwater assessments and an interim fire assessment.

A key financial authorization at the session was a resolution authorizing the issuance of stormwater utility system special-assessment revenue bonds in an aggregate principal amount not to exceed $333 million. Staff clarified that the initial draw would focus on design and early phase work for Fortify Lauderdale phase two (about $200M for phase-one design completion and roughly $110–120M to support the first set of phase-two design projects); construction drawdowns would follow in subsequent issuances to avoid overburdening ratepayers with a single large issuance. The commission voted unanimously to authorize the issuance parameters, delegate authority to the city manager for sale within parameters, and approve associated procedural documents for competitive sale and disclosure.

The commission also set public hearings related to finalizing assessments for September 14, 2026 and confirmed budget-calendar workshops for mid-August and a schedule adjustment for early-September meetings during summer recognition events.

What happens next: Staff will compute the rolled-back rate, provide required notices to the property appraiser, and return for required public hearings and final approvals with bond-sale documents and the official statement; staff will also brief the commission on phase-two schedules and financing plans.