If you are a Coral Springs resident and were worried about service cuts, here is the good news -all the services you enjoy today will be there next fiscal year as well.

At a financial strategy forum organized by the city Tuesday evening, city staff presented a three-pronged approach to cutting the $10.5 million budget deficit while retaining services at the current level. The city will cut the deficit through a one-year wage freeze for all city employees, strategic deployment of $14 million of reserve funds over the next three years, and the adoption of a rolled-back property tax rate .

Adopting the property tax rolled-back rate will allow the city to collect the same property tax revenue next fiscal year as this fiscal year; the operating millage will be back to roughly the 2007 rate. Many residents will however actually pay less than in the previous year because their property values will have decreased. Even by adopting the rolled-back rate, which will result in a 16 percent increase in the operating millage rate, the city will still have the lowest operating millage rate among surrounding municipalities with greater than 70,000 residents.

“The city took this good faith preventive measure to maintain municipal service levels for our customers during these trying times. A long-term view has always been at the core of the city’s financial planning process. We are acting today to ensure continued financial viability, helping us to sustain high levels of service to our community well into the future,” City Manager Mike Levinson said.

The city will hold its first business planning workshop on June 23, and a second business planning workshop on July 28. These will be followed by two public budget hearings on Sept. 14 and Sept. 21. Visit www.coralsprings.org for more information.