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Marineland financial outlook: $110,000 cash, CRA offsets and a projected shortfall after pay increases
Summary
The town reported roughly $110,000 on hand, CRA intercompany balances, and a projected roughly $46,000 deficit after approved compensation increases; officials authorized opening a State Board of Administration investment account and closing a local bank account.
At the May 21 meeting, financial consultant Mark Simpson told the Marineland commission the town has approximately $110,000 in cash on hand but faces a projected deficit after newly approved compensation increases.
Simpson reported that the town owes the Community Redevelopment Agency (CRA) about $75,000, offset in part by approximately $11,000 the CRA owes the town. He projected a roughly $46,000 deficit for the current fiscal year after the compensation changes and estimated roughly $15,000 could be recovered through a CRA administrative transfer, leaving an approximate $30,000 gap.
To improve yields on town funds, Simpson recommended opening an account with the Florida State Board of Administration (SBA) and moving funds from an Intracoastal Bank account (about $48,000) into the South State investment account and then into the SBA. The commission unanimously authorized Simpson to develop an investment policy, submit an SBA account application and close the Intracoastal Bank account.
Simpson also recommended revenue measures such as raising wedding and special-event fees and renegotiating marina and concession contracts. The commission approved the consent agenda earlier in the meeting, which included routine expenditures and CRA-related tracking under the town’s pooled cash system.
Simpson cautioned that audit costs will rise to cover two fiscal years and that the town is at the maximum ten-mill tax rate; he said a preliminary budget incorporating new taxable values will be presented at a future meeting. Commissioners asked staff to return with more detailed budget options to close the remaining gap.
