Summary
To: Gay Lancaster
From: Tina Porter, Finance Director
Date: 4/30/2024
______________________________________________________________________
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, nor have we received updates to the Town's insurance rates, 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.
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Body
Previous Commission Action: The Town Commissioner's budget priorities were submitted at the March 12, 2024 meeting.
Background/Problem Discussion: Preliminary values are anticipated to be received from the Property Appraiser's office on June 1, 2024. Currently, Staff has estimated a modest 6% increase in the Ad Valorem tax roll, which is the largest source of revenue for the Town. This estimate translates to an increase of approximately $490,000. The Water Enterprise Fund revenues will increase through a rate increase to cover the 5% increase in Pinellas County wholesale rate. 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 employees' anniversary dates and does not include cost-of-living increases.
Staff have compiled a comprehensive list of all capital assets and developed 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 completion of projects. The budget reflects approximately $1M in capital imp...
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