A special fund the city created in July to make up for lost revenue during the economic downtown was intended to last two-and-a-half years, but an unexpected decline in several revenue sources may completely tap the fund a year early.
City Finance Director Chris Lyons said he anticipated using $1.3 million from the $2.9 million Budget Stabilization Fund this fiscal year. He revealed last week that the city might need to use double that amount to shore up a shortfall in four revenue streams: half-cent sales tax, state revenue sharing, investment earnings and electric franchise fee (see box).
“It’s not possible that the $2.9 million will last two-and-a-half years,” Lyons said.
City Manager Bob Bartolotta anticipates the stabilization fund will run out of money by January 2010.
“We’ll be without a safety net then,” Bartolotta said.
But Lyons said he’s not worried about the financial situation when the fund runs dry, because the city maintains a $15 million balance in its general fund reserves, which go to such things as payroll and utilities.
“It’s not that risky,” Lyons said. “We still have a pretty sizable (general) fund balance.”
Currently 0 Responses
5 Siesta Key Association Board Meeting
5:00 pm - 7:00 pm
5 Wine, Dine, and Pine
6:00 pm - 8:00 pm
6 Holiday Shopping with Artist Elizabeth Van Riper at the Sarasota Ritz Carlton
9:00 am - 6:00 am
6 Holiday Boutique
9:00 am - 4:00 pm
6 37th Annual 1st Friday Art Walk "Taste of the Season"
6:30 pm - 9:00 pm
6 Republican Women's Club Luncheon
7 16th Annual Jingle & Jog 5K Race/1K Walk-Run
7:00 am - 11:00 am
7 Third Annual Achieva Reindeer Trot
During each of the last eight years, the Out-of-Door Academy families have collected food for Gocio Elementary families.
Forty Carrots hosts grandparents
Forty Carrots Family Center invited students’ grandparents to attend Grandparents’ Day Nov. 25.
The Rotary Club of Sarasota Keys is seeking volunteers from now through Dec. 24, to help man its Salvation Army kettle bell during the holiday season.