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.”
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27 Thanksgiving Free Public Talk & Veggie Potluck
10:00 am - 3:00 pm
29 Light Up Siesta Village and Holiday Parade
5:00 pm - 9:00 pm
30 Advent Procession
3 Rachel's Challenge Anti-Bullying Event hosted by The Cal Ripken, Sr. Foundation
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Cops Corner: Sarasota
Enjoy this week's edition of Cops Corner.
World on a string
The exchange of goods and chatter are the usual soundtrack for the Saturday morning Downtown Farmers Market on Orange Avenue.
Read all about it
Bookstores across the state celebrated Florida Bookstore Day Saturday. Bookstore1 held an all-ages literary party and read-a-thon for customers and members of the community.