The financial update presented at the meeting provided a detailed snapshot of Tarpon Springs’ economic health. The General Fund’s total revenue was reported at $33.8 million, surpassing the budget by $473,000, with property tax being the largest contributor at 40%. In contrast, certain revenue streams like code enforcement fines and recreation fees were noted as underperforming against the budget. On the expenditure side, the General Fund’s total was nearly $33.2 million, slightly over budget by $233,000, an overage partly attributed to increased personnel costs from salary raises and overtime due to Hurricane Idalia, as well as higher operating costs stemming from fuel, supply expenses, and performing arts events.

The committee also examined various other funds within the city’s budget. The Sanitation Fund saw a noteworthy increase in revenues following a new five-year contract agreement and completion of a substantial yard waste project. The Water and Sewer Fund reported increased revenues due to higher consumption and a rate increase previously approved by the board. While the Marina Fund’s revenues and expenses were both slightly under budget, the Stormwater Fund welcomed a $1,050,000 injection from a surety for the previous contractor, with plans for a new contract underway. The Golf Course Fund was highlighted for its revenue increase, which removed its deficit for the first time since operations commenced.

In addition to fund-specific discussions, the committee addressed the ramifications of a new garbage rate increase, approximately 25%, necessitated by a fresh contract with waste management services. This rate adjustment led to significant expense increases in the sanitation fund, with a large portion of the increase due to operating services and the yard waste project.

The committee did not shy away from addressing the challenges presented by government accounting standards, specifically GASB 96, which required the city to record its subscription-based IT arrangements differently, impacting both revenues and expenses by $1.3 million.

Investment strategies also took center stage, with members expressing concern over decreasing interest rates and their effect on the city’s long-term investments. The committee explored various investment vehicles, including Treasury bills and federal instruments. The allocation of the American Rescue Plan Act (ARPA) funds was detailed, with a deadline to obligate the money by December 31, 2024, and specific projects earmarked for these funds were outlined.

The upcoming budget season was a topic of logistical discussion, with a tentative timeline set for budget requests and departmental meetings. While addressing the scheduling of future meetings, the committee opted to convene next on April 18th due to potential conflicts during the budget season.