North Miami CFO reports $313.3 million revised budget, property-tax collections at 61% in Q1

Angela Reyes Santana, North Miami’s chief financial officer, briefed council on the city’s FY25-26 first-quarter financial results and highlighted timing-driven variances, fund balances and cash holdings.

Reyes Santana said the original adopted budget was about $234 million but was revised to $313.3 million to carry forward prior-year commitments and encumbrances. The adjustments include $57.1 million related to CRE grant and aid programs, $18.2 million in capital project reappropriations and $3.7 million in interfund transfers.

"Overall, the city remains financially stable and operating within budget expectations," Reyes Santana said, adding that general fund revenues are tracking near first-quarter benchmarks. She reported year-to-date general fund collections of $25.1 million, or about 24.08% of the revised $104.3 million general fund revenue budget, and noted that property taxes were approximately 61.4% collected because of the normal November–January collection cycle.

Reyes Santana described department-level variances driven by timing and one-time items — for example, the finance department shows 32.6% of its budget spent primarily because of separated accounts and early-year payments for city facilities. She also said the city holds roughly $68.1 million at Bank of America and maintains other restricted and investment accounts.

Council members asked about special-revenue funds, the potential fiscal impact of a voter-approved property-tax change (staff estimated general-fund exposure could be in the tens of millions depending on programmatic assumptions) and the effect of large encumbrances such as waste-management payouts. Reyes Santana said staff will continue to report and that some variances typically normalize by the second quarter.

The report concluded with staff taking questions; no formal action was required on the presentation.