A few points I want to clarify—First, I am only referring to the current and past fiscal year (FY) and only the non-ad valorem Capitol Improvement Project (CIP) financing. Second, I am not questioning the validity of any project. Third, and this may bear repeating, FY23 budget was approved in September of 2022. Any changes to it were done before October 1, 2023. The fiscal 2024 budget was approved in September of 2023 effective 10.1.23. It is the end of January 2024. Finally, these are budget approvals. I hope we can all put to rest what that means. Approved spending. As in, yes, let’s spend the money and yes this is how we plan on paying for it. Sure you have to sign for the purchase and when the bill shows up either start making the credit card payments or find the money somewhere else, but yeah, you Council as a body has greenlit the project.

There is $77 million in projects from the 2023 budget that were proposed to be paid for with bonding. Less than $14 million of that $77 million has been spent. Council still needs to sign for the rest of the purchases. But this isn’t a shopping spree at the mall. We’re building stuff and relocating facilities. It takes more time than we expect. See my third point above.

For FY24, there is $76 million in approved spending funded by bonding. But $50 million of that is for the Land Trust and as far as I’m concerned, should be treated like seed money for an enterprise fund and considered separately. There is $1.7 million in the budget for FY24 for debt services related to the Land Trust. That’s the actual cost this year. It was fought for during the budget process. The remaining $26 million breaks down to the $18.9 million for Tampa Fire Rescue CIP and $5.5 million for convention center improvements. I do not believe any of those funds have been expended.

What does all of that mean?

It means that if anyone has an issue with any of the projects or how to pay for them, now is the time to speak up but Council as a body has approved them (see points 3 and 4 above). Beyond that it should be a wake up call that the well is starting to run dry. That we need to slow down and follow through on all of the projects and manage them responsibly. Reassess priorities through the 5 year CIP plan. Which I think gets to a root of one of the problems I see. The city’s term doesn’t end but politics and priorities change. I haven’t observed City Council using the 5 year CIP plan as a roadmap. It’s all been reactionary. I think everyone should get on the same page and use that plan which is a formal document they are required to approve as the source of truth for where we are going with capital improvements. Whether they are funded through bonds or other sources. I picture a day where City Council is looking at the next year’s proposed CIPs at this point of the year and not still trying to unravel what is in this year’s budget.

What about the $116 million in bonding for fire rescue? $19 million of that is in FY24 budget. Council will need to vote to approve the remaining money, but the next vote on that won’t be until September when they vote to approve the FY25 budget. As to the reimbursement resolution, it is not an obligation. It is a procedural step and if anything, a safeguard. It simply states we plan on using bonding to pay for these 5 projects only over the next 5 years for no more than $116 million dollars. That’s it.