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Tampa staff recommend allocating most of FY24 fund balance to housing, flooding and resurfacing; $2 million held in reserve
Summary
Finance staff presented council-requested allocations of the fiscal year 2024 fund balance, largely matching council's priorities for housing, flooding assistance and resurfacing but recommending about $2 million be left unappropriated because of economic uncertainty and spending timing.
Dennis Rejero, chief financial officer, told the City Council that staff recommend allocating the majority of the fiscal year 2024 unassigned fund balance to categories council previously identified, including housing, flooding assistance and resurfacing, but that roughly $2 million should remain in reserve.
Rejero said the mayor's recommended allocations closely follow council's middle-column requests with slightly more recommended for housing and flooding assistance and about half of the requested resurfacing amount. He described the holdback as prudent because of macroeconomic uncertainty, ongoing labor contract negotiations, and the desire not to appropriate funds that cannot be spent quickly.
If council accepts the recommendation, Rejero said finance staff can prepare a financial resolution to appropriate the funds as soon as the next reporting cycle so the city can legally spend the dollars now held in fund balance. The presentation did not include a formal vote during the meeting; staff framed this as a recommended appropriation available for council action.
There was no formal motion or recorded council vote during the presentation; staff asked whether council had questions and offered to proceed with a resolution if council directed staff to do so.
