Summary
To: Finance Board
From: Staff
Date: 6/9/2017
Subject:
Title
Preliminary Budget Discussion & MMP Recommendation
body
______________________________________________________________________
Summary:
The budget, of course, is not balanced at this time, for purposes of discussion and examination we have provided a very early draft of some the items subject to our decision making.
At the last Finance Board meeting staff discussed the budget for the fiscal year 17-18 at a very high level and I mentioned that while 17-18 does not have any major hurdles, this year, staff would seek to fix some structural problems with the budget. The primary concern for staff at this time is not what is going to happen in fiscal year 17-18, but what the results of the electoral process are in November of 17. Staff thinks a prudent position to take for budgeting this fiscal year is a budget and hold approach whereby we do not commit to new positions or any additional capital improvement apart from what is already-approved so that we can evaluate the results of the November referendum. As previously mentioned, the potential loss of the "Penny for Pinellas" in 2020 represents at least a $464,000 loss of revenue to our general governmental funds. Currently "Penny" proceeds are dedicated for infrastructure purposes. Also, the legislature approves a measure that would put approval of a third $25,000 homestead exemption to the voters. Voter approval could result in a loss of ad valorem proceeds to the town estimated more than $225,000 annually.
The good news is that within the next year or two years some of the new development occurring around town will begin to add to the tax rolls. Each block of 28 of the new Belleview units represents an addition of close to $100,000 of ad valorem proceeds. Once the development is completed the total development wide ad valorem proceeds are an estimated $400,000 annually. As for the golf course redevelopment, once completed staff estimates th...
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