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Pensacola finance director warns of general-fund shortfall; city closes $110 million bond sale
Summary
City finance staff told the Pensacola City Council the general fund is expected to finish the fiscal year with a loss after losing more than $1 million in franchise-fee revenue and weaker sales-tax receipts; the city also closed a favorable bond sale, issuing $110 million for capital projects.
Miss Lavoie, presenting the city’s third-quarter financial report, told the City Council the general fund is expected to finish the fiscal year with a loss driven primarily by the loss of just over $1,000,000 in franchise-fee revenue and lower-than-anticipated state sales tax receipts. “The general fund will actually finish the year with a loss,” she said.
Lavoie gave fund-by-fund detail: the half-cent sales tax was $3,900,000 at the third quarter against a $6,900,000 budget; parking-management revenues exceeded estimates after rate and enforcement changes; the stormwater operational fund…
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