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Panama City schedules proposed millage and hearings, staff says $73M of recovery loan will be repaid ahead of September deadline
Summary
City staff reminded commissioners of statutory budget dates (proposed millage July 28, first hearing Sept. 8) and said a budget amendment to repay about $73 million of the $150 million recovery loan will be brought to the July 28 meeting; remaining debt will be restructured into long‑term financing before Sept. 2027.
City Manager Hayes summarized the fiscal calendar for FY27 at the July 16 pre‑budget workshop: the commission must set the maximum proposed millage within 35 days of July 1 — scheduled for July 28 — and hold the first and second budget hearings at 5:01 p.m. on Sept. 8 and Sept. 28.
A city staff member told the commission staff will present a budget amendment at the July 28 meeting to pay off approximately $73 million of the $150 million loan taken to cover recovery‑period projects. Staff said the balance is expected to be converted to longer‑term debt as part of the plan to avoid a single‑year principal payment before September 2027.
Why it matters: the schedule sets near‑term deadlines for the commission’s decisions on millage and capital priorities, and the proposed partial payoff will materially change the city’s debt service and interest exposure ahead of finalizing the FY27 budget.
What’s next: the July 28 meeting will include the proposed millage resolution and the debt payoff amendment; staff said they will continue to analyze refinancing and long‑term debt options for the remaining balance.
