Finance director reports first-quarter FY26: 84% of property taxes collected, $265,000 federal grant from ICE, $5 million Wellfield Park payment

Finance Director Linda Seni presented the city's first-quarter FY26 financials on Feb. 10 and highlighted revenue timing, grants and a large capital payment.

Seni said 84 percent of FY26 property taxes had been collected at the end of the first quarter, which is typical because most property tax receipts arrive early in the fiscal year. Communication services tax and franchise fees were tracking close to projections (about 25'29 percent of budget at this point), while licenses and permits were low (about 21 percent), a pattern Seni attributed to seasonal timing for permits and business-license receipts.

Seni confirmed the city received a federal grant of $265,000 from a Department of Homeland Security component (identified in the presentation as an ICE agreement) to fund training and certified-officer functions for the police department; the city will present a budget amendment in a future meeting to recognize that revenue and corresponding expenses. She also noted investment earnings were above the projected budget at about 43 percent for the quarter, though FY25 investment earnings were lower compared with FY24 by about $338,000.

On the expense side, Parks & Recreation appeared above the 25 percent target (at about 70 percent) because the city made a previously planned $5,000,000 payment to the county for Wellfield Park. Seni projected an unassigned fund balance of roughly $27.7 million at the end of FY26 assuming revenues and expenses track as expected, and she warned that potential legislative changes to business-tax receipts or the communication services tax in Tallahassee could pose future risks.

Council members asked about possible fiscal threats and Seni said the legislature periodically discusses cuts to business-tax receipts and the communication services tax, which together represent meaningful revenue for Venice.