Summary
To: Finance Advisory Board
From: Tina Porter, Finance Director
Date: 5/14/2024
______________________________________________________________________
Subject:
Title
Preliminary 2024-2025 Budget Discussion
Summary:
Preliminary budgets have been prepared for all funds, General, Special Revenue, Debt Service, Capital Outlay, and Enterprise Funds. These budgets are subject to change as taxable property values have not been received from the Property Appraiser and Staff have not received updates to the Town's insurance policy rates or the City of Largo Fire Service or Pinellas County Sheriff's Office contracts. The goal is to provide ample time for the Commission to assess the overall budget and provide direction for any budget changes.
Body
Previous Commission Action: : The Town Commissioner's budget priorities were submitted at the last meeting.
Background/Problem Discussion: Preliminary values are anticipated to be received from the Property Appraiser's office on June 1, 2024. At this time, Staff has estimated a modest increase in the tax roll of 6% to project the Ad Valorem tax revenue, the largest source of revenue for the Town. This estimate translates to an increase of approximately $490,000. The Water Fund revenues are projected to increase as the increase in Pinellas County water rates are scheduled to increase by 5%. This rate increase will be passed to residents as of 10-01-24. No other significant increases in revenue were projected in the other funds.
Overall, the 2024-2025 budget includes salary modifiers of 4% for merit prorated to the employee's anniversary date and no cost-of-living increase.
Staff have compiled a comprehensive list of all capital assets and a schedule for their replacement. To adequately fund the equipment replacement scheduled for FY2024-2025, approximately $1.4M is included as transfers out of the General Fund.
The Capital Improvement Plan has been updated to reflect the changes in planned, on-going and completio...
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