The One-cent sales Surtax Fund is a capital project fund established to account for the proceeds from the one cent sales surtax (the “Tax”) receipts and debt service payments associated with the issuance of the $30,000,000 Capital Improvement Revenue Bond, Series 2017. The City is obligated to use the Tax proceeds in a manner consistent with Florida Statutes Section 212.055, which provides that the Tax proceeds must be restricted to finance, plan, and construct infrastructure and to acquire land for public recreation or conservation or protection of natural resources.

Revenues and other sources for the One-cent Sales Surtax Fund total $7,178,217. This amount includes a proposed total of $3,500,000 for one-cent sales surtax and an available estimated beginning balance of $3,659,052. This is an increase of $2,156,781, or 42.9% from the fiscal year 2022 adopted budget of $5,021,436.

Excluding the beginning fund balance, recurring revenues are proposed to total $3,519,165. This is an increase of $13,649, or 0.4% from the fiscal year 2022 adopted budget of $3,505,516.

It is important to note that amended, adopted, and proposed budget numbers include Beginning Fund Balance amounts, while actual and estimated actual do not. In accordance with Generally Accepted Accounting Principles, actual amounts reflect only revenues recognized each year. Beginning Fund Balance represents resources received and recognized in prior years as revenue but are available for appropriation in future years.

Expenditures for the One-Cent Sales Surtax Fund total $7,178,217. This amount includes a proposed total of $3,339,545 for debt service and an estimated ending reserves balance of $3,838,672. Fiscal year 2023 proposed expenditures and other uses are balanced with the total proposed revenues and other sources.

It is important to note that amended, adopted, and proposed budget numbers include Reserves, while actual and estimated actual do not. In accordance with Generally Accepted Accounting Principles, actual amounts reflect only expenditures recognized each year. Reserves represent funds that are held for restricted purposes or may be reallocated for specific purposes throughout the fiscal year.