But the biggest share of planned capital spending is the $29 million allocated to undergrounding utilities, a project the Village has considered \u2013 and put off<\/a> \u2014 for decades.\u00a0 The next big set of spends is $24 million planned for stormwater improvements. The total infrastructure and resilience spending will sit at\u00a0 $56.2 million, which includes other environmental priorities for coastal protection.<\/p>\n The Williamson administration is estimating that completing undergrounding will need another $13 million in 2029 followed by $15 million in 2030.<\/p>\n The pivot to undergrounding utilities follows Council rejection of the Big Dig stormwater plan. The AECOM project, touted by Williamson and backed by most council members for years, had been estimated to cost at least<\/a> $320 million for the whole island. Many Key Biscayne residents demanded a pause, citing distrust<\/a> with the project as projected costs soared.\u00a0<\/p>\n Never miss a story! Sign up for our FREE newsletter<\/p>\n The 2027 capital plan relies on General Obligation Bond (GOB) borrowing. Voters in 2020 gave the Council the power to issue bonds for up to $100 million resilience projects \u2013 but final approval any GOB borrowing requires supermajority support of the Village Council.<\/p>\n Proposed Florida amendment could strain revenue for Key Biscayne<\/p>\n Future year budgets might change depending on the outcome of a proposed Florida constitutional<\/a> amendment that would expand tax breaks for some residents, straining the revenue stream for local municipalities. Proponents say it could filter out wasteful local spending.\u00a0<\/p>\n The Florida Office of Economic and Demographic Research estimates the Village would lose over $1 million in 2027-2028; $2.04 million in 2028-2029; and $2.24 between 2029-2030 from the amendment. That\u00a0 could mean less funding towards cultural events, maintenance, infrastructure improvements and parks, and an increase in property taxes, according to the budget draft.\u00a0<\/p>\n Williamson previously<\/a> said staff is developing a plan to make up for property tax cuts if the amendment goes through, but the impact will be felt in later years if voters approve the amendment.\u00a0<\/p>\n Property taxes make up 71% of the Village\u2019s revenue, according to the budget presentation. Fees, such as stormwater charges billed directly to property owners, make up another\u00a0<\/p>\n Earlier in the year, officials learned from the County Property Appraiser that the island\u2019s taxable property base was a bit larger than was originally thought: rising 5.1% from last year to $12.3 billion.<\/p>\n When property values rise, the tax base grows, which in turn leads to more government revenue.\u00a0\u00a0<\/p>\n The budget proposal also shows what officials call \u201cHealthy Reserves\u201d of $27.1 million, enough to cover 57.6% of the budget if needed.<\/p>\n A tax burden shift to renters, business\u00a0<\/p>\n The proposed budget lowers the millage rate from 2.8846 to 2.8708, a 0.48% decrease. But with the island\u2019s taxable property base increasing, the average property tax bill would still rise by about 4.6%, according to Village Chief financial officer Benjamin Nussbaum. Homeowners with \u201cHomestead\u201d properties would see a smaller increase of about 2.2%.\u00a0<\/p>\n The difference means that once again, the tax burden of public services in Key Biscayne is being shifted to renters and businesses and away from homeowners. Only U.S. citizens and people with \u201cgreen cards\u201d are eligible for the Homestead tax break.\u00a0<\/p>\n During public comment, Village Council candidate Luis de la Cruz, who sat on the Council eight years ago, said the Council needs to re-evaluate the budget since the amendment expanding the exemption is likely to pass. Recent polls<\/a> have shown the measure is slightly above the 60% threshold needed to become part of the state constitution.\u00a0<\/p>\n \u201cWe are very fortunate in Key Biscayne that the homestead exemption increase is not going to affect us very much\u201d De La Cruz said. \u201cIt\u2019s going to be very sad for a lot of other places in Miami-Dade County.\u201d<\/p>\n Mayor-elect Brett Moss said the capital improvement plan is unrealistic and that any new position, such as the firefighter, needs to be properly vetted before being added to the budget.\u00a0<\/p>\n The Fire Rescue Department had conducted a detailed analysis on staffing needs, including disaster preparedness earlier, and is trying to plug holes after several top leaders retired.\u00a0\u00a0<\/p>\n The second hearing is expected to start at 6:30 p.m.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/09\/undergrounding-1024x704.jpg\")
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