Tampa's CFO lays out FY27 budget, warns Amendment 3 could force deep cuts

City officials delivered a detailed preview of the mayor's recommended fiscal year 2027 budget, saying the plan balances continued investments in core services with steps to protect the city from an uncertain state-level tax change. "This budget follows that same approach," Chief Financial Officer Dennis Rejero told the council during an extended presentation introducing operating and capital plans.

Rejero highlighted the administration's principal concern: a proposed state constitutional amendment (referred to as Amendment 3) that would expand homestead exemptions. He said the city estimates a possible revenue reduction "of 35 to 40,000,000 in the 2028 budget and 60 to 65,000,000 the following year," and that the FY27 plan therefore prioritizes maintaining reserves and deferring new positions. "Because of the uncertainty created by the proposed amendment, this budget shifts those funds into reserves to provide a better financial buffer should it pass," Rejero said.

The presentation described a net FY27 budget for all funds "just over $2,000,000,000," with public safety accounting for the largest share of the general fund. Rejero recommended cautious adjustments to the capital improvement program and a targeted debt plan, noting potential five-year capital reductions if additional revenue is withheld. Council members pressed administration staff for a written memo listing which projects have been withheld and what would be restored if the amendment is rejected; the CFO's office agreed to produce that list and present it to council and the public, with a written report planned for the August 27 agenda.