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Establishing Requirements for Approval and Referendum of Town Electors for Certain Indebtedness

Shall the Charter be amended to require that any indebtedness incurred after the effective date of this amendment, exceeding 15% of the Town’s average annual property tax revenue for the preceding five years and which is not fully repayable within a maximum of seven years, be approved by a minimum of three (3) members of the Town Commission followed by approval by referendum of the Town electors by majority vote?

Summary Explanation:

Currently, the Charter allows for the Commission to borrow money to fund Town projects without any restrictions other than those imposed by applicable Florida law.  This ballot question will add protective language to the Charter that requires approval by three  Commission votes and then by a majority referendum resident vote for any monies borrowed or indebtedness that exceeds 15% of the Town’s average annual property tax revenue for the past five years (approximately $2 million in 2020) and that cannot be repaid within seven years. This ballot question is binding and will make it more difficult for any elected commission to borrow large sums of money without resident consent and referendum approval. 

Town of Surfside Ballot Questions Community Meeting 

On Tuesday, October 6, 2020, the Town will hold a Town of Surfside Ballot Questions Community Meeting. The meeting will start at 7 p.m. and residents will have an opportunity to hear a presentation, as well as ask and receive answers to their questions. Residents can participate by logging into Zoom on the night of the meeting: https://zoom.us/j/92248582377#success 

View the Indebtedness Resolution

Other Documents

Current Town Charter Section on Issuance of Debt

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