Temple Terrace adopts final FY2025 budget amendment listing anticipated FEMA reimbursements and transfers

The Temple Terrace City Council approved a final fiscal year 2025 budget amendment that records unbudgeted expenditures alongside anticipated revenues, including expected FEMA reimbursements tied to Hurricane Milton.

Finance Director Jim Ingram reviewed exhibits detailing general fund adjustments, a $1,316,813 transfer of land sale proceeds to the water and sewer fund (per council resolution 52‑25), and multiple fund adjustments for FEMA‑related expenditures across the water and sewer, renewal and replacement, sewer improvement, sanitation and fleet funds. Ingram cautioned that FEMA funds are "anticipated" and that the city cannot book the revenue until FEMA obligates it. "We are allowed, per our auditor, to include the expected revenues in our budget. We are not allowed to book them as revenue until they are actually obligated," Ingram said.

Council members pressed for clarity on whether the FEMA reimbursements are recorded as receivables; staff reiterated that while the budget shows anticipated reimbursements, the city cannot recognize those revenues until the federal process obligates them. Council member Fernandez noted the adjustments are revenue‑expense neutral: "They're expenses being adjusted with corresponding revenue adjusting, so the actual impact to the budget is 0."

Council approved the budget amendment; staff said they will continue working with FEMA and will provide updates on the status of reimbursement obligations.

Next steps: staff will follow up with FEMA and report back on timelines for obligation and receipt of reimbursements and how those receipts will be reflected in audited financial statements.