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City CFO: midyear finances largely stable but sales and electric-related receipts below expectations
Summary
At midyear the general fund is on a solid glide path and property-tax collections are near target, but sales-tax holidays and lower electric/franchise receipts are projected to reduce revenues by several million; pensions posted strong investment returns and fund balance remains healthy.
Dennis Rejera, Tampa’s chief financial officer, told council during the midyear financial presentation that the city’s general fund is on “a very good glide path” but that several elastic revenue streams are below budgeted expectations.
Rejera said property-tax receipts are essentially on target and are the strongest and most stable general fund source. He told council that sales tax receipts are running a few million dollars below the original budget estimate — a shortfall he linked to recent state sales-tax…
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