FY12 Adopted Operating Budget & Capital Improvement Budget

City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan
REVENUE ASSUMPTIONS:
Overall, General Fund revenues are forecasted conservatively as required by City policy and are
expected to decrease 1.0% from FY11 due to the slowdown in the housing and consumer markets
and the related decrease in sales and gas tax receipts. Yet the largest decrease in revenue in the
General Fund can be attributed to interest earnings.
Ad valorem taxes have been the primary revenue driver in prior years and are based on the certified
tax assessment received from the Pinellas County Property Appraiser which indicated a 6.340%
reduction in assessed value from the FY11 final certified value. The decline is due to the impact of
a poor economy on the real estate market.
Projected General Fund excise tax revenue is expected to decrease slightly compared to FY11.
Statewide sales tax receipts were at record lows in FY09, due to the continued slowdown in the
markets, and continue to decrease in both FY10 and FY11.
Local option gas tax revenue is based on a county distribution formula which was revised in
September 2007. FY12 gas tax revenues are projected to decrease 1.39% in FY12 when compared
to the FY11 budget.
State shared revenue, which comes from a variety of sources including sales tax, local fuel tax, and
others, is projected to increase less than one percent to reflect recent payments received from the
state.
A franchise fee of 6% is levied on a business’s (Progress Energy) gross receipts for the sale of
electricity within the City. This fee is to compensate the City for the use of its rights-of-way. The
FY12 projected revenue is based on hi storical receipts and information received from Progress
Energy.
NOTE: There is a line item on each of the department pages in the Revenue Sources section that
shows the amount of the fund balance added to or used for each department. This will be identified
in the revenue source section by the name of the fund. For example, in the Public Safety summary
for FY12 it shows an amount of $109,864,236 for the General Fund. This is the amount of the
General Fund balance that goes to support this function. In some funds the number will be a
negative, which indicates the amount that is contributed to the fund balance as a result of budgeted
revenues exceeding budgeted expenditures.
Fiscal Year 2012 A-29 Summary Reports