Loading...
HomeMy WebLinkAboutCity Council Retreat January 27 2026 Revenue DedicationsCity Council Revenue Dedications January 27, 2026 City Council Retreat Dedication Summary Dedication Name Year Established Initial FY27 Estimated Dedicated Revenue Dedicated Revenue Outdoor Initiative 1990 3,898,777 0.47¢ real estate tax Parks and Recreation Special Revenue Fund 1993 28,759,705 3.467¢ real estate tax Tourism Investment Program Fund 1993 56,503,371 5% hotel; $1 per room night; 80% admissions;5¢ cigarette;1.06% meals tax Sandbridge Special Services District 1994 6,113,057 6.5% hotel; $1 per room night; has additional 1¢ real estate surcharge Economic Development Investment Program 1994 1,054,941 16¢ cigarette tax Agriculture Reserve Program Fund 1995 4,977,163 0.60¢ real estate tax Open Space Fund 1995 3,257,774 0.17% meals tax Tourism Advertising Program Fund 1996 17,943,060 1%hotel; $1 per room night;0.5% meals tax Central Business District (Town Center)TIF 1999 11,278,621 Excess of base assessed value with 40% (4.5m) directed to MPF Flood Protection Bond Referendum Fund 2021 34,010,612 4.1¢ real estate tax Major Projects Fund 2025 17,244,383 0.3¢ real estate tax; 0.77% meals tax Fund Balance As Percent of Revenue Dedication Name Initial FY27 Estimated Dedicated Revenue Fund Balance –FY25 Year End Fund Balance % Outdoor Initiative 3,898,777 N/A N/A Parks and Recreation Special Revenue Fund 28,759,705 11,229,065 39% Tourism Investment Program Fund 56,503,371 55,512,684 98% Sandbridge Special Services District (including CIP)6,113,057 61,584,117 1007% Economic Development Investment Program 1,054,941 N/A N/A Agriculture Reserve Program Fund 4,977,163 26,574,765 533% Open Space Fund (including CIP)3,257,774 18,480,075 567% Tourism Advertising Program Fund 17,943,060 18,122,144 101% Central Business District (Town Center)TIF 11,278,621 19,946,693 177% Flood Protection Bond Referendum Fund 34,010,612 78,514,611 231% Major Projects Fund 17,244,383 N/A N/A Sandbridge SSD •Established in 1994 to provide sustainable funding source for sand replenishment •1¢ real estate surcharge •Additional 1.5% hotel tax applied to the district •Also retains 5% hotel tax and $1 per room night of the flat tax •City practice is to ensure two fully funded sand replenishments at all time •$53.2 million appropriated in CIP for two replenishments •$22.2 million anticipated from USACE for next renourishment (not appropriated) •Next planned renourishment in 2026 Agriculture Reserve Program •Established in 1995 to preserve farmland in southern portion of the city through voluntary site acquisition •Over 11,000 acres have been purchased •Current dedication is 0.6¢ of real estate tax •Through existing fund balance and dedication assumed to maintain healthy fund balance through FY50 with assumed 300 acres purchased annually Open Space Fund •This fund provides funding for the preservation of land that has been identified as a candidate for future recreational amenities •Nearly 3,000 acres have been purchased •FY23 Budget rescinded the fund’s ability to pay for development and/or maintenance of park infrastructure •Fund retains dedicated funds for future purchases of land Tourism Advertising Fund •Funding is used for tourism advertising and the operation of the City’s Visitor Information Center. •A total of 17.39 FTEs fall under the TAP fund, but the majority of the fund’s annual budget is dedicated to advertising efforts. Discussion