CFO: Tampa’s preliminary year‑end books show tight variances, $10M net surplus and GASB accounting effects

Dennis Rejero, the city’s chief financial officer, presented the city’s preliminary, unaudited year‑end financial results and told council the combined general funds show about a $10.7 million net variance between revenue and expenditures. Rejero emphasized the figures are unaudited and that an accounting reclassification under GASB 96 artificially increases both revenues and expenses by roughly $30.8 million.

Rejero highlighted several specifics: an increase in interest and one‑time payments (including about $6.5 million received so far from multi‑district litigation tied to PFAS/"forever chemicals" settlements), a roughly $4 million effect from settlements such as DuBois/HOPS on the insurance funds, and departmental variances driven by timing and one‑off items. He asked council to note ongoing uncertainties—particularly around franchise fee projections and school traffic camera revenue—that could affect near‑term forecasts.

Council members asked detailed questions about how the additional revenues were applied, how one‑time GASB adjustments should be interpreted for budgeting decisions, and the status of hurricane reimbursements and FEMA claims. Rejero promised a follow‑up breakdown of line items and suggested a mid‑year presentation to explore enterprise fund balances, fund balance appropriations and commitments in greater detail.

The presentation will be followed by continued financial resolutions on the council schedule and a midyear workshop where departments and the CFO’s office will present more granular line‑item details for council and public review.