Summary
To: Town Commission
From: Ashley L. A. Bernal
Date: 6/15/2021
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Subject:
Title
Budget Status Update
Summary:
Staff is providing a general status update as to budget progress. At the July 20th meeting, the commission will set the Preliminary Maximum Millage Rate
End
Body
Previous Commission Action: Budget workshop for FY 2021-22.
Background/Problem Discussion: Staff has prepared preliminary assumptions for the upcoming fiscal year, which includes revenue and expenditure expectations. This year is the Town’s fourth year of programmatic budgeting, which is also the year where we will be connecting our budget to the strategic plan that was approved by commission. Listed below is a high level summary of changes within the budget process, while there are departmental details attached to this item.
As of this presentation, the General Fund is currently trending towards a surplus of $46,819, with several rounds of refinement and reconciliation to go through. A word of caution is that this number is preliminary and subject to significant change as we reconcile to state estimates, changes in value and personnel.
Staff has worked to support the budgeting process as the Town and the State of Florida resumes normal operations after COVID-19. While there are still existing repercussions from the pandemic, numerous efficiencies have been identified this year to ensure a successful budget. Additionally, definite numbers related to contractual increases, such as Largo Fire and personnel health increases, have yet to be released. At this time, staff is including conservative estimates in the budget.
Ad Valorem is experiencing a budgetary increase of 7% based on tentative numbers released by the Pinellas County Property Appraiser. This results in an increase of $332,775, with the acceptance rate currently set at 95%.
Recommendation for Maximum Millage Levy
At this time, staff is not recommending an increase in the millage rate.
Expenditure Challenges: COVID-19 residual impacts will continue to affect consumption and participation based revenues, such as State Sales Tax. Staff expects these numbers to resume their pre-COVID baselines next year after restrictions have been lifted entirely.
Financial Implications: 6.5000 mills results in $5,911,775 of Ad Valorem collections on total taxable value of $957,358,415 based on the numbers released by Pinellas County Property Appraisers Office.
Recommendation: None at this time, update only
Proposed Motion: None prescribed at this time