Fiscal Year 2022
City Manager's Budget Message
We are pleased to present the adopted FY2022 Annual Operating Budget for the City of Nassau Bay.
Each spring the City begins its budget process to balance resources with the services our citizens desire and expect as part of the Nassau Bay quality of life, while looking ahead to address and protect the future of our community. Vital services – public safety, maintenance of infrastructure, and sustainable government – must be provided while preserving our waterfront community and encouraging/managing rehabilitation inside the commercial corridor and our residential areas.
With each budget, the City achieves stability by striving to do three important things: provide for the effective and healthy fiscal administration of the City’s resources, prioritize resources to best achieve the City Council’s priorities, and complete capital projects in accordance with the available funding.
The FY2022 budget is based on conservative revenue projections and aligns expenditures with the expectations of our citizens. The budget also reflects the Council’s priorities as identified in the City of Nassau Bay’s Strategy Map.
Budget Overview
The City’s budget is the most important working policy and planning tool used by the City Council and staff to provide quality services to the citizens of Nassau Bay, as determined by the City Council and for which funds are available.
The City provides a full range of municipal services utilizing operating funds, special revenue funds, tourism funds, and capital project funds to provide those services.
The budget is balanced in accordance with state law, the City Charter, ordinances, and budget policies. The combined expenditures and transfers of the City’s operating funds total $6,436,020, which is a 4.7% decrease from the previous year operating budget.
One measure of a city’s financial strength is the level of its fund balance. In keeping with the City Charter’s conservative fiscal policy of a 90-day reserve requirement, the General Fund is projected to exceed the minimum obligation by 18 days. In FY2022, the Water/Sewer Fund is carrying a considerable reserve to fund future capital obligations in the near term 3-year capital plan.
The reserve earns interest, bolsters cash flow, and is available for unanticipated expenditures or emergencies. As a non-recurring revenue source, portions of beginning fund balances may be used to fund capital or other one-time expenses.
Budget Strategy & Development
Nassau Bay’s FY2022 budget is developed and administered to deliver the services and programs citizens say are important to them. The close-knit community provides regular feedback to City Council, which is used during the budget cycle to determine various goals and objectives, as depicted in the City’s Strategy Map. Staff’s role is to guide the process by creating and managing a budget that reflects the Council’s highest priorities.
We approach budget development with the understanding the programs and services included in the current budget reflect the City Council’s and community’s highest concerns. However, some programs and services are not fully funded – which means adequate resources have not been allocated to sustain a program or service into future years and will have to be addressed in future budgets.
The FY2022 budget focuses on ensuring services are provided at the high level expected by citizens, and to the greatest extent possible current programs and services are fully funded and functioning at appropriate levels before new services are considered. In line with this approach, additional funding requests submitted by departments were categorized as either requests to fully fund the current service level, or as service enhancement requests. These efforts ensure the City’s resources and staffing are aligned to meet today’s demands and service levels remain sustainable in the foreseeable future.
As the budget serves as a policy document upon adoption for the upcoming fiscal year, any service level enhancements beyond those included in the adopted budget must be vetted and determined viable by the City Council. Changes in budget allocation will likely necessitate the loss or reduction of other programs or services to stay within the City’s balanced budgetary parameters.
Strategy in Action
Development of the FY2022 budget was guided by the community’s priorities outlined in the City of Nassau Bay’s Strategy Map. Each item has been assessed for its alignment with the goals and objectives delineated in the Strategy Map, reviewed for resource optimization, and finally weighed against both current and future community needs.
The City of Nassau Bay’s Strategy Map outlines five focus areas: Neighborhood of Dreams, Recharge Our Corridor, Safe and Peaceful Community, Vibrant Environments, and Renewed Infrastructure. To be successful in the focus areas, staff addresses them through four perspectives: Learning and Growth, Financial Stewardship, Managing the Business, and Serving Our Customers. Each perspective is represented by a tier on the Strategy Map and contains objectives that must be achieved to ensure we are ultimately delivering on our focus areas.
The order of the four perspectives is important. When we begin with “promote learning and growth,” we acknowledge the foundation of service is the right people, who are trained and empowered to do good work. When they are in place, we can focus on our financial reality and being good stewards of our citizens’ tax dollars. After focusing on fiscal responsibility and balancing inputs with outputs, we can concentrate on day-to-day operations. Managing the business is the opportunity to ensure the dollars we spend are maximized and spent on the most efficient and proper items. Finally, the completion of the prior three perspectives allows us to serve our customers and provide the high-quality programs and services they expect. Without the right people, being fiscally responsible, and the correct processes, we would not be able to serve our customers as well.
By remaining centered on the goals and objectives outlined in the Strategy Map, the community, City Council, and staff can weigh the varying demands of the citizenry, pursuing only those elements that help achieve the identified objectives, and thereby ensuring the highest priorities of the community are accomplished.
For this reason, every new effort and element of the City’s budget, including existing programs, is tied to one or more of these objectives, as detailed in the sections that follow. The items listed under each of the four perspectives include highlights of the investments slated to receive continued funding in FY2022, or are new items being funded.
Issues & Challenges
Nassau Bay benefits from a strong residential base and the supplementary commercial properties help mitigate the negative effects of economic fluctuations. Property values continue to increase on the residential and commercial fronts with the current near-term forecasts showing a continued trend. Despite a hot real estate market in the Clear Lake area, increases in property values does not necessarily result in additional property tax revenue for expenditures. First and foremost, as property values rise, so do the costs. The costs incurred by the City increase each year, especially with the persistence of COVID in 2020 and 2021, with an average increase of 3.59% per year in operational expenditures since FY2013. Outside of growing expenses, 31% of the City’s residential housing receives an Over-65 exemption, which equates to $10,360,000 in exempted value (approximately $74,800 in decreased revenue). Demographic trends suggest exempted value will decrease over the next decade, but the next rounds of budgets will still see revenue impacted by exempt values. The City’s commercial corridor is experiencing property value growth, but the general fund only receives the base value, while the remaining revenue is distributed to the Tax Increment Reinvestment Zone #1 (TIRZ). The City will see new residential and commercial construction in 2022, but the benefits of additional property tax revenue will not be seen until 2024. Expansion on our vacant lots, however, is finite, as Nassau Bay has a limited number of vacant properties, and this plays a role in predicting the revenue growth related to property values.
Sales tax is the second largest revenue source for Nassau Bay and, unfortunately, it was negatively impacted in FY2021 due to COVID-19. The impact forced the city to take a conservative approach with sales tax forecasting compared to the past few years. This results in a decrease of 15.5 percent is sales tax revenue from its high in the original FY2020 budget. FY2022 will be a restabilizing year and it is important to note, future growth is dependent on a successful aerospace program, regional tourism, the expansion of Houston Methodist Clear Lake, and the Petroleum and Chemical industries. It is anticipated that the number of building permits issued and associated development-based revenue in FY2022 will be a little higher than the previous year as multiple projects were approved at the tail end of FY2021. We anticipate the construction of many new facilities in the commercial corridor, along with a handful of home constructions. As Nassau Bay approaches build-out, development revenues will be difficult to predict due to the declining availability of land for new development, but it will steady over time as remodeling of existing homes creates a new trend.
Nassau Bay’s history dates to the beginning of the space program in Houston with the establishment of the NASA Johnson Space Center. When the City was incorporated, Nassau Bay focused on expansion and accommodating new residents and businesses. 52 years later, much of our infrastructure – including streets, utility lines, buildings, and other community assets—are aging and inadequate to serve residents and certain businesses. In developing the 2022 budget, staff focused attention on the most urgent priorities and addressing those situations that pose the highest risk if not addressed. Staff also carefully considered which investments will serve to extend the useful life of an asset – essentially postponing the need for full replacement for many years – when making funding recommendations.
Priorities & FY2022 Focus
With this budget, staff recommends allocating resources per the priorities of our citizens and City Council, while maintaining a conservative fiscal approach. The service delivery plan maintains or enhances the programs and services that align with the City’s five focus areas: Neighborhood of Dreams, Recharge Our Corridor, Safe & Peaceful Community, Vibrant Environments, and Renewed Infrastructure.
Nassau Bay is fortunate enough to already be a neighborhood of dreams and the priority focus is to ensure the dream is maintained. The initiatives that will be used throughout the year to meet this priority include continuing our renowned special events and community outreach efforts. In addition, there is emphasis on getting homes built on the vacant lots, refreshing our green spaces, removing or mitigating dilapidated structures, and ensuring existing residences are well maintained. One final deliverable for this priority is starting the next steps of Nassau Bay’s future by continuing the projects that align with the strategies and goals of the 2020 comprehensive plan.
Economic development is an ongoing priority; although significant gains have been realized, it is important to continue to focus on attracting and retaining the types of commercial development that contribute to the high quality of life in Nassau Bay. Recharging the corridor is the idea of investing in the area, which is key to achieving the next level of success. The strategic approach guides Nassau Bay’s development in a way that reflects the desires expressed in the comprehensive plan. Please look forward to the many changes in the commercial corridor and the vacant lots in 2022.
A safe and peaceful community is a target for every community. Nassau Bay is fortunate enough to excel in this category and the trend will be continued. The Tom George Fire/EMS Station and strong internal culture of the Fire Department continue to be catalysts for volunteer retention, new recruitment, and rapid response. The Police Department will see new video equipment, a redesign of the regional communications consortium, fleet replacements, and a push for more community involvement. The NBEMS has begun the 12-month process for ordering a new replacement ambulance and will see an increase with their pay scales to remain a competitive entity. The city also invests in proactive emergency management actions due to our location on the bay and our history of flooding. Our emergency management team continues to oversee the home elevations projects. Finally, the city continues to work with neighboring cities and counties to further study flood prone areas around the lower Clear Creek watershed.
Nassau Bay’s waterfront areas, lively green spaces, and peninsula wildlife park are unique and contribute to the City’s milieu. Sustaining the vibrancy of our environment is met through the continued partnerships with the Galveston Bay Foundation and Clear Creek Environmental Foundation, renewing park and exercise equipment, expanding park trails on the peninsula, better lighting in the park, and supporting local clubs, organizations, and HOA’s with green initiatives.
Renewing Nassau Bay’s infrastructure is a long-term and evolving plan. The FY2022 budget includes a five-year comprehensive capital improvement plan (CIP), which is heavily focused on the City’s infrastructure. The CIP provides an opportunity to consider all the City’s capital needs in the coming years and determine the priority of each, as well as whether available funding resources are sufficient to support those expenditures. While the plan covers five fiscal years, only the upcoming year is included in the City’s annual budget. In the sections that follow, major FY2022 investments in the CIP are described in more detail.
As the priorities of the focus areas play an important role in establishing the budget for FY2022, so do the perspectives. The following viewpoints tie in staff functions, from a budgetary standpoint, to provide efficient services of the focus areas.
Promote Learning & Growth
The first of the four perspectives we use is “promote learning and growth.” When we begin with “promote learning and growth,” we acknowledge that the right people, who are adequately trained and empowered to do good work, are the bedrock of our ability to successfully deliver on the City’s five focus areas. Some efforts to promote learning and growth are made in intangible ways, such as fostering positive employee engagement, empowering informed decision-making at all levels of the organization, and ensuring our people understand the strategy and how they contribute to it. Other efforts must be tangible, such as attracting, developing, and retaining skilled employees who embrace our values by offering competitive benefits and compensation that reward good and high performance. The following describes ongoing investments to do just that:
- Market Adjustments - $18,900
The city continues to adjust salaries that were identified FY2020 when a regional market salary analysis was conducted. The NBPD has a defined step program and the NBEMS continues to see necessary adjustments. In addition, targeted administrative and public works positions were adjusted. All modifications are aligned to keep Nassau Bay employees closely situated around the regional governmental mid-range scale.
- Performance-based merit increases
Employees hired prior to October 1, 2021, will be eligible for a performance-based merit increase in FY2022 based on successful and exceptional performance. On an individual basis, the increase will not exceed three percent. The system includes meaningful tools and a streamlined process to document employee goals, expectations, and performance to reinforce alignment of City services with citizen expectations as it pertains to the organization’s expected standards.
- Employee insurance benefits
Employee insurance benefits include medical, dental, life, accidental death and dismemberment, and long-term disability, as well as a flexible spending account. The City continues to exhibit a substantial commitment to employee benefits by funding portions of employee and dependent medical insurance premiums based on a tiered structure.
- Financial Wellness – SmartDollar
All employees can enroll in a financial wellness solution that leads to lasting behavior change. The product is intended to provide each employee with a step-by-step plan, learn how to save for emergencies, eliminate debt, and retire with confidence.
- Texas Municipal Retirement System
The city is committed to ensuring the retirement benefit offered to employees is affordable, sustainable, and competitive. The City’s current plan design does not change and includes funding for participation in the TMRS program at a city contribution rate of 11.0% and an employee contribution rate of 7% in FY2022. TMRS is a hybrid defined contribution plan. When a TMRS member retires, the portion of their retirement annuity paid by the municipalities they have worked for is directly tied to their service time in those cities.
The staffing level for this budget is 43 full-time, 3 part-time, and 30 hourly employees. Personnel contingencies are budgeted within all departments at 1% of the department’s wages.
Provide Financial Stewardship
Providing financial stewardship of the City’s resources is the foundation of all efforts by City staff. Many of the investments described in this section illustrate the ways Nassau Bay works to ensure that our long-term needs, including planning for major asset replacements, are addressed. As we forecast needs and plan for the future, balancing priorities with resources in a sustainable way, we also will work to finance projects using currently available dollars to the greatest extent possible. Efforts to further our focus on financial stewardship in FY2022 include the following:
- Review and update of fees and charges
While the number of fees and amount of fees adjusted varies from year to year, this annual review provides consistent assurance that our taxpayers are not subsidizing more services than necessary.
- Outside review of financial processes
Each year, the City not only undergoes an audit from an outside firm to verify the accuracy of our accounting records, we also voluntarily participate in the Government Finance Officers Association (GFOA) Budget Award program. This program ensures that the city prepares a budget document of the highest quality that excels as a policy document, financial plan, operations guide, and communication tool.
- Annual Comprehensive Financial Report
The Annual Comprehensive Financial Report is published to provide stakeholders with detailed information concerning the financial condition and activities of the City. The report is an additional step of financial transparency and assists with short and long-range financial planning.
- Long-Range Financial Forecast
The purpose is to highlight and provide information on major issues that will be part of future budget processes; it helps ensure the city has the ability to make best strategic use of its available funds. The forecast shows a baseline set of projections that allow for current economic conditions as well as commitments previously made.
- Fleet Replacement Fund - $80,000
The FY2022 budget includes the replacement of public safety vehicles and appropriate fleet maintenance.
- Bond Rating – AA+
The city received an AA+ rating in 2021, which is the highest rating available for Nassau Bay and the first time it has been achieved. The rating is an indicator of excellent fiscal policy and proper management. The finance department will continue to pursue operational excellence in FY2022 and follow the protocols that helped the city obtain this rating.
Manage the Business
Starting with the right people who are trained and empowered to do good work, we can then focus on our financial reality and be good stewards of our citizens’ tax dollars. We are able to focus internally and evaluate how we “manage the business,” ensuring that the dollars we do spend are maximized and spent on the right things. This may include process improvements, investments in technology to leverage our personnel resources, partnerships with other agencies to reduce redundancy and improve efficiency, and communication efforts that cultivate a culture of transparency. The items that follow highlight continuing or enhanced investments in how we “manage the business”:
- Unified Development Code (UDC) - $100,000
The UDC is a land-use planning regulation that helps identify where and what type of development can occur. This document will guide everything from permissible land uses, building densities, locations, setbacks, and parking requirements to site design and subdivision regulations. This policy document will involve citizens and the City Council, with the intention of helping Nassau Bay implement its vision.
- Comprehensive Master Plan Comp – Implementation
The comprehensive plan was adopted in FY2021 and will be a driving, as well as supporting, document to the city’s strategic plan, unified development code, business plan, and vision implementation. This document will be a decision-making policy document for FY2022 as well as future years.
- Fleet Management Program – Continued from FY2020
This pilot program will compare two parallel services through FY2022 to determine the feasibility of a long-term fleet management program. A proper fleet management program follows city vehicles through their life cycles, capturing all costs associated with wear and tear, servicing, and vehicle replacement.
- Benchmark Departmental Data
As staff explores ways to proactively improve day-to-day processes, departments are starting a multi-year plan to benchmark aspects of their department. The end goal will be to help staff better plan for the future, financially and operationally. The city will be able to see how it compares to other cities to determine if we are exceling. I am positive we are.
- Tourism Committee & Marketing Plan
Nassau Bay is dependent on tourism for the success of our hotels, but this enterprise supplements the commercial corridor growth and sales tax revenue. The committee and marketing plan highlight proper focus areas inside and outside the organization, while giving strategies to implement. The internal portion of the plan focuses on residents and businesses in Nassau Bay, while external factors include the Bay Area Houston Convention and Visitor’s Bureau, Space Center Houston, Clear Lake, the fishing industry, and the Kemah Boardwalk. COVID-19’s impact on the industry has forced the city and the region to realign their ideas for a recovery instead of a continuation of operations.
- Digital File Management Project
The project kicked off in FY2020 and will transform all paper documents into a digital format and onto a cloud-based platform. This multi-year project will assist all departments with standardizing documents, file retrieval and a reduction in physical storage costs.
Serve Our Customers
To serve our customers and provide the high-quality programs and services they expect, we must start with the right people, the right financial focus, and the right processes. Without attention to those foundational priorities, we cannot serve our customers well. Investments in “serving our customers” typically include items that are tangible to our citizens. In FY2022, highlights of continuing work or new investments in this area include:
- Street maintenance – $1,800,000
Bond proceeds from the 2021 CO and the ongoing street maintenance fund will be used for large scale street rehabilitation. Over 35 project areas have been identified for replacement. In addition, all four lanes of San Sebastian east are scheduled to be replaced, along with the street drainage. The remaining funds are dedicated to various street repairs throughout Nassau Bay and the continuation of the pothole program.
- David Braun Park Updates - $355,000
Multiple areas of David Braun Park will be upgraded and/or rehabilitated. The baseball fields and adjacent sidewalks will experience a complete renovation and branding. The playground will be undergoing an extensive transformation as the system will be completely removed and replaced. The new equipment will include more advanced play structures and shaded apparatuses for those hot summer days. Smaller improvements include upgrading the pickleball courts, a sundial, and sidewalk repairs.
- Howard Ward & Swan Lagoon Park
The city will consider new playground equipment for both park systems. The City Council has made a concerted effort to create interactive systems throughout the park system. Shifting demographics show increased numbers of school age children in the city.
- FMA Home Elevation Program - $5,659,280
The home elevation grant is budgeted for FY2022 and includes three grant awards, FMA 2017, 2018, and 2019. An application for the FMA 2021 grant program will be submitted in the second quarter of FY2022. The home elevation projects should mitigate more than 67 homes after the 2013, 2016, 2017, 2018, and 2019 FMA projects are complete. Should the 2021 FMA grant be approved, 10 additional homes will be added to this list. These programs will help the city mitigate more than 95% of the homes on the FEMA repetitive loss list.
- Sanitation & Recycling – $243,210
Sanitation pickup is a benefit of property taxes in Nassau Bay. Backdoor collection will continue in FY2022 with low-cost recycling options for homeowners.
- Water/Sewer line replacements – $3,809,200
As part of the City’s focus on long-term infrastructure needs, the FY2022 Water/Sewer budget increases the investment for proactive replacement of City water and sewer lines, valves, pumps, lifts, manholes, inlets, and other materials used in the delivery of potable water to, and the removal of sewage from Nassau Bay homes and businesses.
- Stormwater Lines - $679,280
Stormwater management is a city priority and considerable financial resources were dedicated in the 2021 CO. At-risk drainage lines will be replaced, as will targeted red valves throughout the system. Public Works will also install digital monitoring systems in the flood pump stations so that our entire pump system can be monitored remotely 24/7.
- Holiday in the Park & Boat Parade – $14,000
This longstanding tradition in Nassau Bay will continue in FY2022 and kickoff the holiday season. Following Holiday in the Park, the boat parade captures many residents and visitors to our boardwalk to watch fireworks and decorated boats.
- Hurricane Harvey & Nicholas Recovery – FEMA & State Reimbursement
The City continues to recover from Harvey (2017) through ongoing rehabilitation and the recovery of financial resources, with the assistance of FEMA and the State of Texas. The last Harvey project (Sand Filter Upgrade) is scheduled to be complete in the third quarter of FY2022. Hurricane Nicholas exposed vulnerabilities along the water’s edge, which require mitigation. These efforts include fixing the Upper Bay boardwalk, bulkheads in various locations, and eroded areas along the southern end of the city.
Outline & Summary of FY2022 Budget
The FY2022 Annual Budget was adopted on September 13, 2021 and funds were allocated to accomplish the goals Council set out for the coming year.
The General Fund, which accounts for most of the City’s activities and services, continues to follow historic trends regarding the revenue available for maintenance and operations with the largest percentage, 56.7%, being derived from Property Taxes. Other revenue sources that provide significant amounts of revenue include Franchise Fees, Sales Tax, Permits & Fees, Fines, and Ambulance Fees. Currently much of Sales Tax is generated by Telecommunications, Energy, Hospitality, Food Service, and Retail sectors.
With this budget, the city adopted an ad valorem tax rate of 0.722120/$100 valuation in FY2022. For the fourteenth year, the City will be sharing property tax revenue with the Tax Increment Reinvestment Zone #1 (TIRZ). The incremental tax revenue in the zone goes into the TIRZ to be used for public improvements in the zone. In Nassau Bay, 90% of the incremental revenue is allocated to the TIRZ for management by the Nassau Bay Redevelopment Authority (NBRDA). Ten percent of the incremental revenue remains in the City’s General Fund. This budget year, there is a projected decrease in TIRZ property values from the prior year; projected property values continue to be higher than for the base year (Tax Year 2007), resulting in an estimated increment near $144.1 million in taxable valuation.
General Fund operating revenue is projected overall at a 5.2% decrease compared to the budget in the previous year. Property tax saw a slight decline while Franchise Fees and Court Fines remained relatively stable. Sales tax is conservatively budgeted for FY2022, due to COVID-19, which results in a moderate gain year over year, but is still at a deficit compared to FY2020.
The Water & Sewer Fund utility service revenues are projected to be slightly increased as compared to last year. The rate structure and consistent collections have put the Water & Sewer Fund in a healthy position to continue with much-needed infrastructure improvements related to water and sewer provision. Council adopted new water and sewer rates in 2018 which will support the first phase of water/sewer line construction in FY2022. An additional study will be conducted this year to accommodate the second phase of the program. The entire project entails replacing 30 miles of water/sewer lines. The first and second phases will address approximately 12 miles of line replacement.
The Debt Service Fund continues to service the City’s existing debt through property tax revenue. The City’s most recent debt issuance occurred in FY2021. Certificates of obligation were issued to fund multiple infrastructure projects. The Debt Service Fund services four existing issuances and remains below the City’s debt ratio guidelines.
The Tourism Fund revenue from hotel taxes is projected to increase, due to the resumption of many tourism-related activities that had been negatively impacted in 2020 and 2021 by COVID-19. Tourism plays a vital role in the region’s success, along with the success of the hotels in Nassau Bay. Therefore, the city will continue its marketing and tourism outreach efforts with hopes of filling our hotels and surrounding tourism activities. For the seventh year in a row, the city is once again committed to supporting CCISD in Challenger Columbia Stadium advertising in 2021/2022. For the first time, Nassau Bay will officially partner with Space Center Houston to be the premier sponsor with portions of its programing. A second partnership with Space Center Houston includes extending the seasonal Galaxy Light into Nassau Bay’s Town Square. Finally, the city will further brand the NASA 1 corridor and pursue a wayfinding plan to support tourism throughout the commercial and waterfront areas.
The Special Revenue Fund is budgeted for 150% increase over the previous year due to the ongoing FEMA Elevation Grants. The FEMA Elevation Grants will continue to be used to elevate repetitive loss homes in the community in the hopes of preventing flood damage in the future. The Elevation Grant program has been a staple in Nassau Bay since 2013. Over the past two years, the city has closed out the 2013 and 2016 FMA, resulting in 32 homes being lifted. The 2017 FMA grant started in 2020 with five more homes and will conclude in FY2021/22 with a total of nine homes being mitigated. The city will also start the 2018 FMA, which has 12 additional homes, and expects to kick off the 2019 FMA grant mid-year. Finally, the city will apply for the 2021 FMA grant that includes 10 homes.
The total expenditures for the FY2022 Annual Budget are allocated to be $24,436,210. For information on the detail, refer to the funds’ breakout.
Although not part of the City’s Annual Budget, Nassau Bay has several significant Component Units with fiscal activities that have bearing on the city. Nassau Bay’s Economic Development Corporation (EDC), NASA Area Management District (NAMD), Tax Increment Reinvestment Zone No. 1 (TIRZ), and the Nassau Bay Redevelopment Authority (NBRDA) provide economic development tools facilitating public-private partnerships which are critical to the redevelopment of Nassau Bay and an improved commercial tax base. With these organizations’ contributions and the work of staff, the city can pursue additional economic development activities. Budgets related to these organizations can be found in the Budget Resources section for reference purposes.
Concluding Thoughts
With an emphasis on a deficit-free balanced budget and the maintenance of healthy reserve funds, the City’s financial position is solid with a low debt to assessed value ratio. The City’s goal is to continue fostering diversification in the tax base in the years ahead, through the Nassau Bay Town Square project as well as other opportunities in the TIRZ. Added retail, tourism, and service sector businesses will boost our sales tax revenue and ultimately decrease the property tax burden on residential property owners.
The City’s continued implementation of Council’s policies and the Comprehensive Master Plan, combined with new development, will continue to renew the community-wide commitment to ensuring fiscal stability and preserving the charm and quality of life so highly valued in Nassau Bay. We have carefully managed our resources to make incremental progress on several fronts. By balancing the City’s infrastructure needs with our financial position, we can look to the future with confidence.
As always, staff will continue to be diligent in its review of City finances in order to assist the City Council in making decisions that will ensure the fiscal viability of its government. Additionally, staff will continue to evaluate and improve business practices in an effort to find efficiencies, while also looking for regional synergies and collaborations to reduce ongoing costs.
Preparing the budget was a tremendous undertaking. It is important to acknowledge the efforts of the dedicated staff that worked resolutely to formulate fiscally responsible proposals. Together, the City will continue to prudently plan by following the strong financial management principles espoused by the City Council and to implement sound, long-term fiscal solutions that will carry the City into the future.
We pledge our time and talents to achieve continued excellence for the citizens we serve, and it is our honor to do so.
Respectfully submitted,
Jason E. Reynolds
City Manager