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Council advances tentative $105.3M budget; capital plan includes public works facility and Zephyr Park
Summary
The council approved the tentative FY2024–25 budget on first reading. The budget includes $2M for design of a public works facility, potential debt financing totaling about $12M across projects, and $1M design for Zephyr Park funded by ARPA. Staff said finer financing details will return to council.
Council approved the tentative city budget on first reading, moving forward a plan that totals $105,266,502. Finance staff said the city used an aggregate assessed value of $1.5 billion to estimate ad valorem revenue of about $9.3 million at the proposed 6.25-mill rate. The tentative budget incorporates capital programming for a new public works facility and Zephyr Park, among other items discussed at budget workshops.
Staff outlined expected phasing: $2,000,000 estimated for design work on the public works facility in 2025 (with $1.2M anticipated from Pasco County contingent on agreements), additional construction phases in later years, and a potential combined debt issuance of roughly $12 million if reserves are not used to fully fund projects. Zephyr Park design was described as a $1,000,000 ARPA-funded item with construction later in the capital program.
Council members stressed these are tentative figures and that formal debt-issuance forms and any borrowing will return for council approvals. Staff confirmed the budget package was prepared consistent with the adopted tentative millage and that council will have further opportunities to review debt structure, funding sources, and reserve use before final adoption.
Next steps: staff will return with formalized debt financing proposals and bring the budget back for subsequent readings and final adoption on the schedule required by Florida law.
