Finance director presents March financial report; budget workshop set for June 17

City finance staff presented the March financial report and the city’s budget calendar, summarizing state projections and local revenue trends as council prepares for the new fiscal year.

The presenter reviewed the Florida economic outlook included in the state economic estimating conference: Florida’s GDP grew an estimated 3.3% for fiscal year 2024–25 with more moderate growth projected in coming years; Florida personal income increased about 5.9% in 2024–25 and is expected to slow but remain positive. Staff also noted a comparatively low labor‑force participation rate (around 57–58%) and demographic projections that a large share of population growth over the coming decade will be among residents 60 and older, with implications for labor markets and service needs.

At the local level, the presenter walked council through general‑fund revenue and expenditure trends, restricted revenue categories such as building‑permit fees and impact fees, and cash balances for capital and debt‑service reserves. Staff said they will finalize reserve projections and present an updated estimate to council at the June 17 budget workshop. The calendar also calls out required Florida statutory mill‑rate votes (including a July 15 date) and two September evening meetings required by state law.

Council members asked for an estimate of reserve balances as of Sept. 30; staff said they expect to present that information at the June 17 workshop. No formal action was taken on the financial report; it was provided for information and budget planning ahead of the budget‑workshop schedule.