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The board discussed how potential homestead property tax reductions could decrease Coral Gables' general fund revenue, but no tax-related decisions were finalized. The possible Capital Reserve Fund discussion was deferred, and the city is issuing a request for proposals for internal audit services.
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If homestead property taxes are reduced, the city could have less money available for its general fund, which supports routine government services. City staff are evaluating the proposals and will assess how to address any resulting budget gap once more details are available. The board also approved its October 22 minutes and expects updates on the parking cash-collection audit.
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