Issue link: https://newsleader.uberflip.com/i/297477
While the economy may be climbing out of the recession, the city's property tax reve- nues lag well behind because of government procedures. Property assessments for tax pur- poses are always at least two years behind the market, for example. The city's property tax revenues for the just completed (and audited) fiscal year 2013 period were $16.2 million, a mere $100,000 above the figure at the bottom of the recession. Meanwhile, the city is projected to use up all but $1.1 million in its "rainy day fund," the revenue stabilization money. But the budget estimates for the coming fiscal period show a $3 million shortfall. Several ongoing city projects have provided the city with financial headaches, too. The State Street parking garage is about $4 mil- lion over the original estimate; Lift Station 87 is certain to demand more money as the proj- ect redesign continues (see the related story in this issue); and the elimination of parking meters now necessitates a subsidy for the Parking Department to function. In preparing the 2015 fiscal year spending plan, Lege asked all city department heads to come back with flat budgets. "Anything over that," he said, "would be what we call a 'bud- get issue.'" He noted the need for $193,000 to subsidize the operations of the Municipal More money for the Sarasota Police Department is reflected in the city's 2015 fiscal year budget. Photo by Norman Schimmel Sarasota News Leader April 18, 2014 Page 54