Finance Advisory Board - 28 Jul 2025

Finance Advisory Board - 28 Jul 2025. Location: Community Room. Time: 06:00 PM. Agenda: Finance Advisory Board - 28 Jul 2025 - Agenda - Html AGENDA Finance Advisory Board Monday, July 28, 2025 Community Room @ 6:00 p.m. Page 1. CALL TO ORDER 2. INTRODUCTIONS 3. PUBLIC COMMENT 4. APPROVE/AMEND PROPOSED AGENDA 4.1 Prior Meeting Minutes Finance Advisory Board - 28 Apr 2025 - Minutes - Html Finance Advisory Board Minutes 2 - 70 5. APPROVE PRIOR MEETING MINUTES 6. OTHER BUSINESS 6.1 FY 2026 Proposed Budget Review - Recommendations to the City Commission Agenda Memo #25-291 - Pdf 71 - 77 6.2 Summary of Requests, Millage Rate, and Decision-Making Context 6.3 Finance Advisory Board (FAB) Recommendations:  Proposed Property Tax Rate  Utility Rate Recommendations  Strategic Budget Priorities  Additional Funding / Funding Reduction Propositions  Additional Feedback & Recommendations  Budget as a Communication Tool 7. ADJOURN Document: Finance Advisory Board - 28 Jul 2025 - Minutes - Html Largo Finance Advisory Board Minutes Monday, July 28, 2025 @ 6:00 PM PRESENT: Board Member Virginia (Peggy) Tucker, Board Member Haseena Papa, Board Member Bill Mackintosh, Board Member James Adams, and Board Member John Stransky ABSENT: Board Member Valerie Hibbard and Board Member Andrea Gillotte STAFF PRESENT: Commission Liaison Donna Holck, Finance Director Rebecca Spuhler, Executive Assistant Madison Henderson, Assistant City Manager Meridy Semones, Performance & Budget Manager Jared Campbell, Director Jerald Woloszynski, Asst. Director Robert Klute, Treasury Manager Jared Meyer, Management Analyst Henry Trent, Management Analyst II Daniela Godreau, City Manager John P. Curp, and Management Analyst I Aidin Critchlow A. Call to Order Chair Bill Mackintosh called meeting to order at 6pm. B. Introductions Jared Campbell, Performance and Budget Manager requests introductions from Finance Advisory Board members. C. Public Comment No public present. D. Approve Prior Meeting Minutes 1. I move to approve the prior meetings minutes as presented. Finance Advisory Board - 28 Apr 2025 - Minutes - Html E. Approve/Amend Proposed Agenda 2. I move to approve the agenda as presented. Agenda F. OTHER BUSINESS 3. Summary of Requests, Millage Rate, and Decision-Making Context Finance Advisory Board (FAB) Recommendations: Proposed Property Tax Rate Utility Rate Recommendations Strategic Budget Priorities Additional Funding / Funding Reduction Propositions Additional Feedback & Recommendations Budget as a Communication Tool 4. FY 2026 Proposed Budget Review - Recommendations to the City Commission Jared Campbell provided a recap of the Friday City Commission meeting, which covered several key topics, including the budget process, FY25 accomplishments, the history of the strategic plan, community outreach, fund highlights, utility rates, and department goals for FY26. During the discussion, Jared and the board focused on the need to reduce expenditures in order to accommodate the proposed millage rate. They explored various strategies, including potential service level reductions and the use of fund balance to offset shortfalls. Another option discussed was using the City's fund balance as a temporary solution. The first item, the Commission recommended, is an expenditure reduction to accommodate a rate reduction. The board thoroughly discussed the property tax millage rate, weighing the impacts of a rate reduction on both service levels and the fund balance. After careful deliberation, the board motioned to maintain the current millage rate of 5.5200, concluding that this would best support the City's financial health and ability to sustain service levels. Moved by Bill Mackintosh, seconded by Haseena Papa, 5.5200 Millage Rate Motion carried 5-0 FY 2026 Proposed Budget FAB Presentation 5. The second item recommended by the Commission was funding the Floodplain Manager position. This position is not currently included in the proposed budget and would either need to be funded through the City's fund balance or have funds identified from other sources. The main question discussed was whether it would be acceptable to use the fund balance or to wait and reallocate funding from another position to create savings. The financial impact of the position would account for only 0.01% of the fund balance. Jared Campbell reviewed the breakdown of the Floodplain Manager role, noting that the fully loaded cost would be approximately $115,000. The position would help keep public flood information current, support improvements to the City's CRS rating by an estimated 5%, and contribute to lower flood insurance rates for residents. Jerald Woloski commented on which departments currently assess floodplain plans. Jared emphasized that this position represents the next tier of development in improving the City’s flood management program, ultimately benefiting residents through enhanced safety and financial savings. Moved by Bill Mackintosh, seconded by Haseena Papa, I approve the recommendation to fund the Floodplain Manager position. Motion carried 5-0 6. The third item on the agenda, as recommended by the Commission, involved funding considerations for stormwater projects, particularly the prioritization of projects through the Stormwater Portfolio Prioritization Matrix. Board members reviewed the slide presentation, which outlined a diagram comparing high- and low-impact projects against high- and low-cost initiatives. The Venetian Gardens Flood Abatement Project was noted as being high-cost with relatively low impact (58 individual homes) when compared to other proposed projects. Jerald Woloski recommended reallocating funds from the Venetian Gardens project to the lower-cost, higher-impact Pinecrest Stormwater Conservation Area (PSCA) project. The Pinecrest project has a total cost of $2.2 million for FY 2026 for Design of the master project, broken down into $950,000 in grant funding that they were notified about receiving just a few weeks ago, and $1.25 million that could be reallocated from Venetian Gardens, should the board decide to defund that project for FY26. Jerald emphasized the importance of using the grant given to us by the state for this project rather than letting it go. John Stransky questioned the comparative impact on homeowners between the two projects. Jerald responded that while Venetian Gardens would benefit 58 homes, the Pinecrest project would help reduce storm surge for the McKay Creek area (100s of homes), benefit the Largo Medical Center, and bring long-term economic improvements to the medical arts district. Additionally, 16 properties would benefit directly from removal from the one-hundred-year floodplain. The stormwater system in the Pinecrest project would help address impaired creeks by cleaning and filtering out chemicals in the water. Jerald expressed optimism that grants could fund half of the proposed pond system as part of the master construction project. He emphasized that getting the project’s design funded and approved would serve as a springboard for future stormwater improvements. Damage to Venetian Gardens from hurricanes Helene and Milton had been caused by storm surge and large amounts of rain in low lying areas, but the board generally agreed that the higher overall benefit to the greater community lay with the Pinecrest project. Moved by John Stransky, seconded by Haseena Papa, I approve the recommendation to reallocate funds from Venetian Gardens Flood Abatement to The Pinecrest Stormwater Conservation Area Project. Motion carried 4-1 (opposed: James Adams). 7. Future Meeting Dates: Monday, August 3, 2025 - No Meeting Tuesday, August 12, 2025 - FAB Chair Presents Recommendations to the City Commission (4:00 pm) Wednesday, September 3, 2025 - City Commission First Public Hearing and Tentative Millage Rate and Budget Vote Tuesday, September 16, 2025 - City Commission Second Public Hearing and Final Millage Rate and Budget Adoption G. ADJOURN 8. The meeting adjourned at 7:18pm. Diane L. Bruner, CMC, City Clerk