The proposed FY25 budget is the culmination of careful planning in consultation with the city's executive team and reflects months of research, analysis, and careful consideration of the changes and new initiatives included within. The FY25 budget and 5-year financial plan are designed to solidify the city’s current operations, identify and prioritize the city's most pressing needs, and set up the new City Manager for success with stable finances and a clear path forward on the city’s most pressing needs.
- Keeps property tax rate of 3.8129 mills
- 2129 mill for general operations (has remained the same since 2010).
- .50 mill committed for causeway and bridge rehabilitation and renewal
- 10 mill assigned for city facilities and equipment renewal and replacement
- Holds the line for the ad valorem tax rate, including the 0.5 mills for the causeway and bridge for FY25-FY29
- Continues the multi-year plan to replace city facilities, including reconstructing and elevating the Master Lift Station (federal and state grants), redesigning the Treasure Bay facility including the trail and living shoreline, redevelopment of the Public Works Facility and Yard, finalizing the plans for the Public Safety building replacement, and conceptualizing a place for a waterfront marina park
- Continue to protect the city against economic instability, while still providing a high level of service to our residents through conservative future revenue projects and maintaining appropriate fund balances
“This FY25 Proposed Budget is setting up the city to wrap up some long-planned projects outlined in the 2020-2025 Strategic Plan while clearing the slate to plan for the next five years,” Finance Director Mike Munger said. “The city’s finances and fiscal projections still look strong and stable, and suitable to be able to meet all the needs and demands of the community. Yet the city has faced and is still facing several unique challenges affecting our operations.”
One of the biggest changes for the FY25 budget is the implementation of new three-year collective bargaining agreements (CBAs) with the city’s Police (PBA) and Fire/EMS (IAFF) employees. These changes move current employees closer to the prevailing market rate for public safety personnel in the Tampa Bay area and bring starting pay for sworn officers and firefighters to at least $60,000. General government employees not under a CBA are slated to receive a 3% cost of living adjustment (COLA) effective Oct. 1, 2024, and up to a 3% merit raise upon their annual review.
Additionally, the city is planning major investments for the connectivity infrastructure projects including the extension of the Central Beach Trail, repairs to city-owned seawalls reflective of the Elevate TI changes, and fleet electrification.
The Treasure Island City Commission will host a budget meeting on Aug. 2 at 10 a.m. at City Hall in Commission Chambers. During the meeting, Commissioners will review the budget, make changes, and vote to adopt the FY25 budget. Residents are encouraged to attend and provide any feedback.
VIEW THE PROPOSED FY25 BUDGET HERE
