Mayor Buckhorn Presents FY2016 Budget Proposal - Balanced budget allows for continued growth of city’s reserve funding
Mayor Bob Buckhorn presented his recommended Fiscal Year 2016 budget to Tampa City Council this morning. The City of Tampa continues to deliver a balanced budget without personnel layoffs or increased tax rates while contributing revenue to the reserves .
In FY 2016, the City of Tampa will contribute $1 million to the reserves resulting in a fund balance of 23% of operating expenditures or $88.4 million, which exceeds the City’s 20% fund balance policy.
“This budget is proof positive that we grew our way out of the recession by making Tampa a place that people wanted to do business with. By investing in our infrastructure, and in particular, our public park spaces, we will continue to generate new economic opportunities that help us continue to grow our economy,” said Mayor Bob Buckhorn. "The investments we make today will lay the foundation for continued growth and prosperity throughout our city.”
The $850.2 million budget proposal includes $124.3 in capital improvements. In FY 2016, the City of Tampa will also invest more than $20 million in the “Investing in Neighborhoods” program initiative which is double the funding in the FY 2011 budget and goes towards parks, resurfacing, complete streets, and sidewalk construction.
In FY 2016, the City of Tampa will invest $18.3 million for major stormwater investments including the Lower Peninsula Watershed, 43rd Street Regional Outfall, Peninsula Regional Drainage, and the North Tampa Closed Basins. Pending Tampa City Council approval, the City of Tampa will invest $250 million over five years to reduce flooding and improve water quality.
Major capital improvement projects and strategic investments also include the following:
- Construction of Cuscaden Pool in VM Ybor, art studio at the Bryan Glazer Jewish Community Center in West Tampa, and Perry Harvey Sr. Park in Downtown
- Design for Julian B. Lane Riverfont Park
- Improvements for neighborhood parks including Forest Hills Park in North Tampa, Friendship Park in Westshore area, and Ragan Park in East Tampa
- Construction of CNG Facility for Solid Waste and city fleet vehicles
The City closed a $6.7 million projected operating shortfall through increased property tax revenues, personnel savings, departmental reductions, and reduced required pension contributions.
Following the Mayor's presentation today, the City of Tampa will host two public hearings about the budget, tentatively scheduled on Thursday, September 3, 2015 and Tuesday, September 15, 2015 pending City Council approval.
To view the Mayor’s Presentation, review the budget documents, or for more information about the recommended FY 2016 budget, please visit tampagov.net/budget.
For additional information, please contact:
Ali Glisson, Public Affairs Director