FY12 Adopted Operating Budget & Capital Improvement Budget

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City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan The Foster Formula—the 7 S’s of Success • Safety—all citizens and employees actively involved in achieving public safety • Seamlessness—entire city well served with quality appearance, schools, amenities, housing, retail and commercial services, and transportation • Sustainability—ensuring the city’s long-term economic viability • Small Business—supporting citizen needs for goods, services, and jobs • Schools—preparing students for life • Sports, Arts & Culture—making the city a recognized destination • Service—customer friendly, cost effective, and professional Key Strategic Initiatives for Developing the Budget • Restructure the budgetary process and perform a service level budgeting review of five to seven departments each year, focusing on public benefit vs. costs • Concentrate on providing the basic services essential to our quality of life, discerning “needs vs. wants” • Reduce costs, via consolidation of services, optimization of technology usage, and consideration of Operating Fund impacts of capital projects • Keep public safety a top priority • City resources and departmental support will be directed to areas of greatest need A series of workshops were held with City Council throughout the year to discuss the economic, financial, and programmatic issues pertinent to the budget development process. The Mayor also held a series of budget summits in the community where the public was invited to give City officials input prior to the release of the Mayor’s Recommended Budget on July 1. A schedule of the budget process follows: SCHEDULE FOR THE FY12 BUDGET PROCESS Date Action By January 20 City Council Budget Priorities Workshop City Council Budget Staff January 27 BFT – City Council Budget Priorities and Budget Calendar BFT Committee Budget Director February 1 CIP Budgets Due Departments February 16 Operating Budget Kickoff Budget Staff Departments February 28 – March 7 CIP Reviews with Departments Budget Staff & Departments March 14 Operating Budgets Due Departments March 28 – April 15 Line Item Reviews Budget Staff & Departments April 27 Community Budget Summit City Council Mayor Budget Staff May 10 & 24 City Council Workshop City Council, Mayor Budget Staff, Administrators Department Directors Fiscal Year 2012 A-3 Summary Reports
City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan May 18 Community Budget Summit City Council Mayor Budget Staff May & June Recommended Document Preparation Budget Staff June 1 Estimate due from Property Appraiser County Property Appraiser June 22 Community Budget Summit City Council Mayor Budget Staff July 1 Receive Certified Taxable Values County Property Appraiser July 1 July 21 September 8 September 22 Mayor’s Recommended Budget due to City Council Set Proposed Millage Rate; Set Date, Time & Place of Public Hearings 1 st Public Hearing (must be held after 5:00 p.m.) Adopt tentative budget & tax rate 2 nd Public Hearing (must be held after 5:00 p.m.) Adopt final budget & tax rate; Approve the Capital Improvement Program Mayor, City Council Budget Staff City Council Mayor City Council, Mayor Budget Staff, Administrators, Department Directors City Council, Mayor Budget Staff, Administrators, Department Directors INTRODUCTION & BUDGET STRATEGY Tax Reform & the Economy Revisited for Fiscal Year 2012 With the 2012 adopted budget, the City of St. Petersburg will experience the fifth year in a row of declining property tax revenue. In fiscal years 2008 and 2009, the decline in ad valorem revenue was largely due to action at the state level directed at reducing local property taxes. However, for the FY 2010, FY 2011 and FY 2012 budgets, the decrease in property tax revenue is entirely due to a conscious decision on the part of the City to lower property taxes. Real estate values in the Tampa Bay area remain sharply lower than they were five years ago. This devaluation combined with a record number of foreclosures and vacant properties has resulted in taxable property values decreasing by as much as 40% – 50% for some properties. While property sales are starting to make a comeback, taxable property values in the city continue to decline for the 2012 budget year. Florida allows cities to adjust their millage rate up or down to dampen out changes in property values, and keep revenue collections more or less constant. This adjustment is called the “rollback/rollforward rate”; “rollback” refers to a reduction in the millage rate to offset higher property values and “rollforward” means an increase in the millage rate to offset lower property values. For the FY11 budget the City could have increased the millage rate to the “rollforward” rate in order to prevent a loss of property tax revenue. However, the decision was to keep the millage rate stable at 5.9125, thereby insuring a true tax cut for the citizens amounting to $8.7 million on a citywide basis. In FY12, the budget once again calls for a stable millage rate resulting in an additional $4.8 million tax cut for City property owners, which is on top of the tax cuts in previous years. The adopted FY12 budget calls for a millage rate of 5.9125, w hich is 6.77% below the allowed rollback rate of 6.3420. This represents a tax decrease for city taxpayers with a resulting total property tax amount of $69.6 m illion, compared to $74.4 m illion in 2011. Including the tax cut Fiscal Year 2012 A-4 Summary Reports
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Page 11 and 12: Section A EXECUTIVE SUMMARY
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Section D REVENUE HIGHLIGHTS
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Utility Taxes: City of St. Petersbu
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Section F DEBT SERVICE
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Section G CITY DEVELOPMENT
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Department Mission Statement City o
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Section J PUBLIC SAFETY
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Section K PUBLIC WORKS
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Objective and Performance Measure C
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Section L Capital Improvement Progr
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Section M Capital Improvement Progr
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Project Descriptions City of St. Pe
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Section Q Capital Improvement Progr
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APPENDICES
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City of St. Petersburg, Florida- FY
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Look At What We Can Accomplish! ST.
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FY12 Adopted Operating Budget & Capital Improvement Budget

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