Summary
To: Town Commission
From: Ashley L. A. Bernal
Date: 5/10/2021
______________________________________________________________________
Subject:
Title
2021-2022 Budget Workshop
Summary: As the Town of Belleair enters another budget year, staff felt that a budget workshop would be incredibly beneficial for the Commission and residents of the town. We are continuing to understand the full fiscal impacts that COVID-19 has had on the budget, and will continue to have on the budget. Included in this item are discussions and summaries of revenues and expenditures, as well as ARPA funding and strategic planning items.
Previous Commission Action: Discussion on COVID-19 protocols, reimbursement methods, and expenditure challenges within the budget year.
Background/Problem Discussion:
Revenue Discussion
As Florida returns to normal operations after the COVID-19 pandemic, consumption based revenues are expected to slowly return to their normal baselines. However, it is important to note that the Town is heading into the second year of budgeting with COVID-19 effects.
Revenue Pressures
* Interest will experience a larger decrease this year of roughly 90%, bringing this account to $2,500 ($2.5 million at yield of 10 basis points).
* Communication Services Tax is expected to decrease, as similar to previous years. Staff has conducted an analysis to identify an average trend of about $12,000 per month from this account, resulting in a new total of $143,000 (-8%).
Revenue Opportunities
* Electric Franchise will find a new baseline of $370,000 (6% increase) after a historical analysis. Every year, this account surpasses $390,000 in revenue, though numerous larger projects, such as the Pelican Golf Course and Belleview units are coming to a final close. Because of this, staff has added a small buffer of $20,000.
* Recreation revenue
o Prior year increase in revenue expectations, this number is likely to increase as Florida returns to normal (non-limited capacity) ...
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