By Coral Gables Gazette staff

Coral Gables collected $199.9 million in revenue through the first half of fiscal year 2026, but the pace trails last year even as the city operates under a larger budget, with construction permits and planning fees showing the sharpest declines.

Total expenditures across all funds reached $112.8 million at midyear, or 44.2 percent of the city’s $255.4 million amended expenditure budget — roughly in line with last year’s 44.3 percent pace at the same point.

Property taxes

Property taxes, the city’s largest single revenue source at $137.5 million budgeted, generated $124.2 million through March 31 — 90.28 percent of the annual budget. The figure is slightly behind last year’s 90.6 percent pace at the same point. Property tax collections are front-loaded in the fiscal year, with the bulk arriving in November and March, leaving limited upside for the second half.

Construction permits running significantly behind

Construction permit revenue showed the sharpest year-over-year decline of any major revenue category. Against an annual budget of $12.8 million — up from $10.7 million last year — the city has collected $7.1 million at midyear, or 55.4 percent of budget. At the same point last year, the city had collected $8 million, or 75 percent of a smaller budget. The midyear shortfall relative to last year’s pace is approximately $958,000. The city has set a higher construction permit revenue target this year while collecting less than last year in absolute dollars, widening the gap to close in the second half of the fiscal year.

Planning and Zoning fees near zero

Planning and Zoning Board fees have collected $4,341 against an annual budget of $100,000 at midyear — 4.34 percent of budget. Last year at the same point the city had collected $51,080, or 17.61 percent of a larger $290,000 budget. Both years reflect significant underperformance but the 2026 figure is dramatically lower in both absolute and percentage terms. The budget for this line item was reduced from $290,000 to $100,000 between fiscal years — a 66 percent reduction — suggesting the city anticipated lower activity. Even against that reduced expectation, collections are running at less than half the midyear pace needed to reach budget.

Board of Architects fees nearly doubled

Board of Architects fees present a contrasting picture. The city has collected $956,650 against a $1.1 million annual budget at midyear — 87 percent of budget in the first six months alone. At the same point last year, collections stood at $493,045, or 44.8 percent of an identical $1.1 million budget. The year-over-year increase is $463,605 — nearly double last year’s midyear figure.

Country Club General Fund subsidy triples

The Coral Gables Country Club fund, which covers both the Granada Golf Course and the Country Club facility, required a $1.4 million transfer from the General Fund at midyear to sustain operations. At the same point last year, the transfer was $507,400. The year-over-year increase of $875,000 — a 172 percent increase in the General Fund subsidy — reflects higher operating costs and capital expenditures at the facility. The Country Club fund also shows $300,669 in country club projects and renovations expenditure at midyear against a $6.2 million annual budget for such work. Granada Golf Course itself generated $463,281 in operating revenue at midyear against a $1.4 million annual budget, running at 32.2 percent — nearly identical to last year’s pace on the same budget.

Venetian Pool

Venetian Pool revenue of $219,760 at midyear against a $1.4 million annual budget reflects the pool’s extended renovation closure. The pool, which closed in October 2024 for a $6 million restoration, reopened December 9, 2025 — meaning it was operational for approximately three and a half months of the six-month reporting period. The city has indicated the pool will remain open through late 2026, skipping its traditional winter maintenance closure, which should produce stronger revenue in the second half of the fiscal year.

Trolley operating deficit

The Transportation and Trolley fund ran an operating loss of $1.4 million at midyear against $778,107 in operating revenue and $2.2 million in operating expenses, requiring a $931,769 transfer from the General Fund. The deficit is wider than last year’s midyear figure of $511,432 in net loss. The increase reflects the addition of the Southern Loop Trolley pilot, a new east-west route launched November 3, 2025, connecting the Douglas Road Metrorail Station to Red Road via Ponce de Leon Boulevard. The one-year pilot is funded in part by the Florida Department of Transportation. The Gazette previously reported that Coral Gables will need to decide whether to continue the route in year two without state grant support.

Parking system

The city’s parking system generated $11.3 million in operating revenue at midyear against $3.44 million in operating expenses, producing operating income of $7.9 million — broadly comparable to last year’s $7.9 million at the same point. On-street meter revenue of $6.25 million is running slightly behind last year’s $6.5 million pace.

Business licenses and alarm permits

Business license revenue of $4.2 million at midyear has already exceeded its $4.06 million annual budget at 103.3 percent — ahead of last year’s 101.9 percent pace. Alarm permit revenue of $53,855 has reached 199.5 percent of its $27,000 annual budget, against only 30 percent collected at the same point last year on a larger $77,000 budget.

Overall picture

The city’s $278.2 million amended annual budget for all funds represents an increase from last year’s $261.6 million — a 6.4 percent year-over-year budget growth. Against that expanded budget, midyear revenue collections are running approximately 1.4 percentage points behind last year’s pace. The second half of the fiscal year will determine whether the construction permit shortfall closes, whether Planning and Zoning fees recover, and whether the elevated Country Club subsidy continues.

The quarterly financial report was prepared by the Finance Department and issued April 30.