The Coral Gables City Commission adopted a roughly $144.8 million budget Tuesday (Sept. 25) that includes a decrease in the city’s tax rate from $5.87 to $5.67 per $1,000 of taxable property value.

For longtime homeowners, the 3.4 percent tax cut will offset the 3 percent maximum annual increase in their home’s assessed value, resulting in a wash.

In addition to passing the budget and a lower tax rate the commission unanimously approved $60,000 to be allocated for cultural affairs. The commission had previously set aside $75,000 for cultural affairs.

The additional $60,000 allocated for cultural affairs includes $25,000 going to the Actors’ Playhouse, $25,000 toward the Coral Gables Museum, and $10,000 to be distributed by the city’s Cultural Affairs Board.

“As long as I am a commissioner I am going to be asking for more money every year, as things get better and we can afford to do it,” said Commissioner Frank C. Quesada, who proposed the increase.