FY12 Adopted Operating Budget & Capital Improvement Budget

City of St. Petersburg, Florida – FY 2012 Adopted Fiscal Plan
Local Option Gas
Tax
Major General Fund Revenues FY12
(000s omitted)
$3,282
State Aid To Cities
$5,094
Excise Taxes
$12,140
Franchise Taxes
$20,604
Utility Taxes
$38,313
Ad Valorem Taxes
$70,116
- 20,000 40,000 60,000 80,000
MAJOR GENERAL FUND REVENUE SOURCES
An eleven year history of each of the major General Fund revenue sources, including dollar
amounts, and the Adopted Budget for FY12, are shown in the charts and narrative that follow.
Ad Valorem Taxes:
Ad valorem taxes result from the levy of taxes on personal tangible property and real property.
The State constitution authorizes a city to levy up to 10 mills for citywide purposes on all taxable
property within the city. Residents are allowed a $50,000 exemption from the taxable value of
their homesteaded property. All property taxes resulting from the City’s operating millage will
cover approximately 60% of the cost of police and fire services in FY12. Each year the Pinellas
County Property Appraiser provides each jurisdiction within the County with the certified
property valuation. State Statutes require that local jurisdictions budget a minimum of 95% of
estimated taxes based on the certified value. The City of St. Petersburg budgets 96% as per city
policy. As shown in the chart below, ad valorem taxes have decreased over the last five years to
the lowest level since FY04, this decrease is due to property tax reforms, Amendment 1, and the
effect of the recession on taxable property values. As the housing market and property values
decrease so will property tax revenue (assuming no increase in millage).
Fiscal Year 2012 D-2 Summary Reports