The City of Lauderdale Lakes is in Broward County, Florida. Many communities in Florida have experienced major losses in property tax revenues as a result of the severe reduction in property values since the 2007 recession. Lauderdale Lakes’ property tax revenues have declined each year since 2007, and include a large percentage of non-paying parcels. When new management was put in place in 2011, the city was significantly in debt to the county for public safety services and to the community redevelopment agency for loans received, and was behind on many payments to vendors. DSI Civic was retained to assist the city with an immediate budget solvency plan, cash-flow projections and, in particular, development of a five-year sustainability plan to restore Lauderdale Lakes to financial health.
- Stabilizing operations deficit
- Identification of restructuring alternatives
- Developing multi-year sustainability plan
The City has taken steps to reduce operating costs (including compensation, benefits and workforce) and implement operational changes (including merging services with adjoining communities), and has identified assets for potential monetization.