Board of Commissioners

A. PLEDGE OF ALLEGIANCE B. ROLL CALL C. ITEMS OF BUSINESS C.1 FY25 City Manager's Proposed Budget Budget Presentation.pptx Budget Presentation.pdf FY25 Proposed Budget.pdf BUDGET INFORMATION APPENDIX - 2024.7.31.pdf homeowner_guide_millage.pdf FY25 Fee Schedule.pdf CIP Summary & Detail.pdf FY25 City Manager's Proposed Budget Budget Presentation.pptx Budget Presentation.pdf FY25 Proposed Budget.pdf BUDGET INFORMATION APPENDIX - 2024.7.31.pdf homeowner_guide_millage.pdf FY25 Fee Schedule.pdf CIP Summary & Detail.pdf D. PUBLIC COMMENT E. ADJOURNMENT For any person desiring to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the BOARD OF COMMISSIONERS BUDGET WORKSHOP MEETING FRIDAY, AUGUST 2, 2024 – 10:00 AM CITY HALL CHAMBERS 10451 GULF BLVD TREASURE ISLAND, FL 33706 MEETING NOTICE AND AGENDA

testimony and evidence upon which the appeal is to be based [F.S. 286.0105]. NOTE: Any transcript shall be requested and made by the individual requesting same at his or her own expense. Therefore, a court reporter may be desired or required accordingly. Any person with a disability who needs any accommodation in order to participate in this proceeding is entitled to assistance at no cost. Please contact the Office of the City Clerk in writing at 120 108th Avenue, Treasure Island, FL, 33706 or by phone at (727) 547- 4575 at least two working days prior to the meeting to advise what assistance is needed.

A. PLEDGE OF ALLEGIANCE B. ROLL CALL C. ITEMS OF BUSINESS C.1 FY25 City Manager's Proposed Budget Budget Presentation.pptx Budget Presentation.pdf FY25 Proposed Budget.pdf BUDGET INFORMATION APPENDIX - 2024.7.31.pdf homeowner_guide_millage.pdf FY25 Fee Schedule.pdf CIP Summary & Detail.pdf FY25 City Manager's Proposed Budget Budget Presentation.pptx Budget Presentation.pdf FY25 Proposed Budget.pdf BUDGET INFORMATION APPENDIX - 2024.7.31.pdf homeowner_guide_millage.pdf FY25 Fee Schedule.pdf CIP Summary & Detail.pdf D. PUBLIC COMMENT E. ADJOURNMENT For any person desiring to appeal any decision made by the board, agency, or commission with respect to any matter considered at such meeting or hearing, he or she will need a record of the proceedings, and that, for such purpose, he or she may need to ensure that a verbatim record of the proceedings is made, which record includes the BOARD OF COMMISSIONERS BUDGET WORKSHOP MEETING FRIDAY, AUGUST 2, 2024 – 10:00 AM CITY HALL CHAMBERS 10451 GULF BLVD TREASURE ISLAND, FL 33706 MEETING NOTICE AND AGENDA 1

testimony and evidence upon which the appeal is to be based [F.S. 286.0105]. NOTE: Any transcript shall be requested and made by the individual requesting same at his or her own expense. Therefore, a court reporter may be desired or required accordingly. Any person with a disability who needs any accommodation in order to participate in this proceeding is entitled to assistance at no cost. Please contact the Office of the City Clerk in writing at 120 108th Avenue, Treasure Island, FL, 33706 or by phone at (727) 547- 4575 at least two working days prior to the meeting to advise what assistance is needed. 2

AGENDA ITEM NO. C.1 Item Cover Page DATE: August 2, 2024 SUBMITTED BY: Mike Munger, Finance ITEM TYPE: For Consideration and Discussion AGENDA SECTION: ITEMS OF BUSINESS SUBJECT: FY25 City Manager's Proposed Budget BACKGROUND: Annually, staff produces a financial plan best reflective of the goals of the city and most-recent market trends. This workshop serves as the sole opportunity during the year for the Commission, staff, and the public to convene and discuss the budget priorities for the upcoming fiscal year and five-year financial plan. POLICY/PURPOSE: 1. Overview of Proposed FY25 Budget and Five-Year Financial Plan a. Areas of Focus b. Personnel and Operating changes c. Property Tax Rate & History d. All Funds Review e. Debt Update 2. General Fund Operating Budget & Departmental Review a. Overview of the changes within each department's operating budget b. Opportunity to ask questions of Directors 3. Capital Improvement Plan Projects a. Seek input from the Commission for the proposed CIP spending b. Primarily focused on General and Penny for Pinellas funds 4. City Fee Schedule a. Focused primarily on P&R Facility Fees b. Numerous other changes staff wishes to highlight 5. Utility Funds Overview a. Building BOARD OF COMMISSIONERS AGENDA ITEM REPORT 3

b. Wastewater c. Solid Waste d. Stormwater 6. Planning for a new Strategic Plan Process STRATEGIC PLAN RELEVANCE: The annual budget is largely reflective of the entire Strategic Plan and exists as that year's specific plan to address the initiatives. ANALYSIS/DISCUSSION: n/a FUNDING: The budget is the guiding document for all future funding plans. MOTION: This item is for discussion only. No formal action will be taken during the workshop. ATTACHMENTS: Budget Presentation.pptx Budget Presentation.pdf FY25 Proposed Budget.pdf BUDGET INFORMATION APPENDIX - 2024.7.31.pdf homeowner_guide_millage.pdf FY25 Fee Schedule.pdf CIP Summary & Detail.pdf 4

City of Treasure Island FY 25 Proposed Budget Workshop 5

FY25 Budget – Areas of Focus Operating Budgets The FY25 operating budget builds upon the city’s initiatives over the past few years and does not have many significant changes v. FY24 • Public Safety CBAs (IAFF & PBA) • Adjustments to the Admin Services cost allocation plan to more appropriately disburse those costs to the enterprise funds • Another slight adjustment to the health insurance tier subsidy from 70% to 75% Capital / CIP The FY25-29 Five-Year Capital Improvement Plan, however, has significant changes. • MLS & Public Works facilities to be bid in early FY25 • $17.6m budgeted over the next 5 years for Downtown Facility Improvements • Public Works Facility $6.75m • Public Safety Building $8m • Relocate Elec. Transformer $650k • PW Facility Contingency $610k • Marina Park and 108th Improvements $1.452m • $2.2m for city seawalls and non-causeway bridge repairs (Palms & Capri) • Two residential garbage trucks to be purchased in FY25 • Further electrification of the city’s fleet 6

Personnel & Operating Overview Personnel • Positions adjusted 3% for COLA (outside of the CBAs) with up to 3% for merit upon anniversary date • Hourly, non-exempt staff subject to 5% COLA based on targeted classification study (FLSA updates) • Public Safety leadership wage adjustments commensurate w/new CBAs • Health insurance subsidy increased to 75% with a sub-1% premium increase; dental premium up 15% • Workers’ Compensation projected up 5% • (all other lines of coverage up a total of 17%) Operating • Gulf Beaches Library allocation up 6%; PSTA rates up 18% for FY25 w/ new paratransit costs • Modification to the cost allocation plan for the Admin. Fee • Reduces revenue to the General Fund but also reduces expenses in the 4 enterprise funds • Processing fees paid to St. Petersburg for wastewater up 10% • Assumed first debt payment (interest-only) for the Public Works Facility 7

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Taxes, Fees, and Utility Rates • Proposed mileage set at 3.8129 (Causeway making up 0.5 of that total) • Parks & Recreation fees have been adjusted to be more responsive to users and better recover related expenses • Wastewater Rates – 10% base increase + PSA • Solid Waste Rates – 3% increase for recycling and 10% for refuse • Building Fund Rates • Stormwater rate revenue should effectively be flat for FY25 with year 2 of the ERU implementation • Individual ratepayers will see changes in their respective bills based on their classification 9

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0 0.5 1 1.5 2 2.5 3 3.5 4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 City of Treasure Island Millage Rate 10-Yr History General Operating Millage Replacement Revenue for Debt Bridge Replacement & Renewal Millage Facilities Replacement & Renewal Revenue 11

$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Treasure Island Property Taxes Levied versus Millage Rate 10-Yr History General Operating Millage Replacement Revenue for Debt Bridge Replacement & Renewal Millage Facilities Replacement & Renewal Revenue 12

1.9978 2.0234 2.1184 2.1333 2.2243 2.2367 2.2961 2.3454 2.2086 2.8605 0.4500 0.4500 0.4500 0.4500 0.5261 0.5261 0.5261 0.5261 0.52610.1000 0.1000 0.1000 0.2000 0.3000 0.3000 0.5000 0.5000 0.5000 0.5000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.4472 0.4184 0.3304 0.3186 0.2822 0.2741 0.2218 0.1938 0.2438 0.1937 0.1598 0.1575 0.1549 0.1563 0.1076 0.1141 0.1155 0.1009 0.1791 0.1060 0.0821 0.0875 0.0830 0.0786 0.0726 0.0619 0.0534 0.0466 0.0553 0.0528 0.0000 0.5000 1.0000 1.5000 2.0000 2.5000 3.0000 3.5000 4.0000 4.5000 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Library Contribution Transit Alternative vs PSTA Millage Causeway & Bridges Operating Only Facilities Assignment Bridge Commitment Replacement Revenue for Debt General Operating Millage Millage Rate 10-Yr Breakdown to include operating components 3.3368 Mills 3.3368 Mills 3.3368 Mills 3.3368 Mills 3.6129 Mills 3.8129 Mills 3.8129 Mills3.4368 Mills 3.8129 Mills 3.8129 Mills 13

Millage Taxable Difference Fiscal Year Rate Value % Change Tax Levy From Prior Yr FY 2015 3.3368 1,389,609,958 6.84% $4,636,851 296,679 FY 2016 3.3368 1,487,100,050 7.02% $4,962,155 325,305 FY 2017 3.3368 1,595,023,183 7.26% $5,322,273 360,118 FY 2018 3.3368 1,733,489,438 8.68% $5,784,308 462,034 FY 2019 3.4368 1,851,913,681 6.83% $6,364,657 580,349 FY 2020 3.6129 1,993,655,565 7.65% $7,202,878 838,221 FY 2021 3.6129 2,111,978,036 5.93% $7,630,365 427,487 FY 2022 3.8129 2,231,861,049 5.68% $8,509,863 879,498 FY 2023 3.8129 2,554,391,138 14.45% $9,739,638 1,229,775 FY 2024 3.8129 2,830,351,920 10.80% $10,912,188 1,172,550 Rolled Back Milage Rate FY25 3.4649 3,157,902,373 11.57% $10,941,816 29,628 Majority Vote Max. Millage FY25 3.6621 3,157,902,373 11.57% $11,564,554 652,367 Proposed Milage Rate FY25 (same as FY24) 3.8129 3,157,902,373 11.57% $12,040,766 1,128,578 City of Treasure Island Millage Rate Chart 3.4649 Rolled Back 3.8129 Proposed Millage Rate 4.0283 110% above Majority Vote Max Millage Rate 3.6621 Majority Vote Maximum Millage Rate Majority Vote 3/5 Super Majority Vote 4/5 Unanimous Vote 5/5 14

Millage Rate Impact to property taxes Millage Assessed Taxable Tax Annual Monthly Median Value Homesteaded Home Rate Value* Value Amount Difference Difference FY24 3.8129 620,000 570,000 $2,173 Rolled Back FY25 3.4649 638,600 588,600 $2,039 ($134) ($11) Proposed FY25 3.8129 638,600 588,600 $2,244 $71 $6 Millage Assessed Taxable Tax Annual Monthly Millage Assessed Taxable Tax Annual Monthly Median Value NON-Homesteaded Home Rate Value* Value Amount Difference Difference FY24 3.8129 620,000 620,000 $2,364 Rolled Back FY25 3.4649 682,000 682,000 $2,363 ($1) ($0) Proposed FY25 3.8129 682,000 682,000 $2,600 $236 $20 Millage Assessed Taxable Tax Annual Monthly $1,500,000 Homesteaded Rate Value* Value Amount Difference Difference FY24 3.8129 1,500,000 1,500,000 $5,719 Rolled Back FY25 3.4649 1,545,000 1,545,000 $5,353 ($366) ($31) Proposed FY25 3.8129 1,545,000 1,545,000 $5,891 $172 $14 Millage Assessed Taxable Tax Annual Monthly $1,500,000 Non-Homesteaded Rate Value* Value Amount Difference Difference FY24 3.8129 1,500,000 1,500,000 $5,719 Rolled Back FY25 3.4649 1,650,000 1,650,000 $5,717 ($2) ($0) Proposed FY25 3.8129 1,650,000 1,650,000 $6,291 $572 $48 Millage Assessed Taxable Tax Annual Monthly $3,000,000 Non-Homesteaded Rate Value* Value Amount Difference Difference FY24 3.8129 3,000,000 3,000,000 $11,439 Rolled Back FY25 3.4649 3,300,000 3,300,000 $11,434 ($5) ($0) Proposed FY25 3.8129 3,300,000 3,300,000 $12,583 $1,144 $95 * Increased by the CPI for homesteaded properties - 3% for FY24 * Increased by the CPI for non-homesteaded properties - 10% for FY24 15

Original Revised* Proposed Original Revised Budget Budget Budget % % Fund FY24 FY24 FY25 Change Change General Fund 19,364,550$ 24,101,349$ 23,217,610$ 20% -4% Penny for Pinellas 1,985,000 5,211,009 1,035,000 -48% -80% County Gas Tax 0 111,450 380,000 n/a 241% Transportation Trust 0 12,839 0 n/a -100% Building Fund 944,000 958,500 921,650 -2% -4% Debt Service 968,400 1,028,400 1,329,580 37% 29% Gulf Blvd Undergrounding 1,205,500 1,532,600 0 -100% -100% City Facilities Projects 6,100,000 6,890,853 6,750,000 n/a -2% Wastewater 11,400,490 14,707,598 8,669,670 -24% -41% Solid Waste 2,711,570 2,711,570 3,679,840 36% 36% Stormwater 2,093,740 3,928,886 1,936,860 -7% -51% Total All Funds Budget 46,773,250$ 61,195,056$ 47,920,210$ 2% -22% less interfund transfers (2,068,400) (2,068,400) (1,918,580) -7% -7% Net Expense Budget 44,704,850$ 59,126,656$ 46,001,630$ 3% -22% Expenditures by Category Personnel 12,071,290$ 12,071,290$ 12,980,360$ 8% 8% Operating 12,554,760 13,794,498 13,110,390 4% -5% Capital & CIP Projects 18,631,500 31,789,164 18,130,200 -3% -43% Debt Svc/Other/Contingency 1,447,300 1,471,704 1,780,680 23% 21% Transfers to other funds 2,068,400 2,068,400 1,918,580 -7% -7% Total Budget 46,773,250$ 61,195,056$ 47,920,210$ 2% -22% less interfund transfers (2,068,400) (2,068,400) (1,918,580) Net Expense Budget 44,704,850$ 59,126,656$ 46,001,630$ 3% -22% *Reflects the current budget and all budget amendments, carryforwards from FY24, and rolled purchase orders . All Funds Budget Summary 16

All Funds - Revenues to Expenses 17

Debt Management Update Current Debt • Palms & Capri Bridges (ends in FY27) • 2 Wastewater SRL (end in FY34 & FY37) • City Center Revenue Bond (ends in FY35) Proposed Future Debt • Public Works Facility $6.1M FY25 - 44 • Cost allocated to the General Fund and 3 PW Enterprise Funds • Public Safety Facility $8M FY27 – 46 These 2 proposed issuances pass all 4-5 debt tests imposed upon the city based on the most recent information available. Debt Payments & Update • In FY24 the city will have made $1,065,110 in debt service payments and will have an outstanding principal balance of $8,062,907 as of the end of this FY • Public Works $6.1m • 20-year loan at 5% • Total debt payment $8,919,720 • Public Safety $8.0m • 20-year loan at 4% • Total debt payment $11,698,060 18

Major Capital Items for Commission Consideration General Fund • $650k to relocate electrical transformers for PW Facility • $610k contingency for PW Facility • $4m total for the Beach Trail Extension (FY26 & 29) • $2m for City Seawall repairs (5 years) • $6.8m in CIP projects for the Causeway for the 5-year period • $1.3m in various Park and Rec. Facility improvements • $745k in scheduled vehicle replacement Penny for Pinellas • $2.4m for seawall and pavement management (5-year) • $632k for Parks & Recreation facility upgrades/improvements • $1.66m for Police & Fire vehicles (5-year) Wastewater • $520k for MLS contingency • Relining program made “operational” w/annual allocation ($2.74m over 5- years) • $1.1m for force main reconstruction Solid Waste • 3 residential trucks scheduled to be replaced FY25-26 ($1.255m) • Planned replacement of commercial trucks FY28-30 ($1.32m) – depending on study to review commercial operations • $213k for the replacement of other vehicles & equipment Stormwater • $384k in vehicle replacements (5-years) • Replacement of the SW pump station for $731k • $500k in curbing repairs (5-years) • $9.4m project to redesign and elevate the West Causeway 19

Today’s Planned Schedule • General Fund Operating Budget & Departmental Review • Review of changes w/opportunity to ask Directors questions • Capital Improvement Plan projects, citywide • Primarily focused on Public Works and Recreation • Fee Schedule changes • Specifically, Parks & Recreation facility charges • Utility Funds Overview, including Building Fund • Development of a new Strategic Plan • Begin planning in October for winter process 20

Questions? … Let’s get started! 21

City of Treasure Island FY 25 Proposed Budget Workshop 22

FY25 Budget – Areas of Focus Operating Budgets The FY25 operating budget builds upon the city’s initiatives over the past few years and does not have many significant changes v. FY24 • Public Safety CBAs (IAFF & PBA) • Adjustments to the Admin Services cost allocation plan to more appropriately disburse those costs to the enterprise funds • Another slight adjustment to the health insurance tier subsidy from 70% to 75% Capital / CIP The FY25-29 Five-Year Capital Improvement Plan, however, has significant changes. • MLS & Public Works facilities to be bid in early FY25 • $17.6m budgeted over the next 5 years for Downtown Facility Improvements • Public Works Facility $6.75m • Public Safety Building $8m • Relocate Elec. Transformer $650k • PW Facility Contingency $610k • Marina Park and 108 th Improvements $1.452m • $2.2m for city seawalls and non-causeway bridge repairs (Palms & Capri) • Two residential garbage trucks to be purchased in FY25 • Further electrification of the city’s fleet 23

Personnel & Operating Overview Personnel • Positions adjusted 3% for COLA (outside of the CBAs) with up to 3% for merit upon anniversary date • Hourly, non-exempt staff subject to 5% COLA based on targeted classification study (FLSA updates) • Public Safety leadership wage adjustments commensurate w/new CBAs • Health insurance subsidy increased to 75% with a sub-1% premium increase; dental premium up 15% • Workers’ Compensation projected up 5% • (all other lines of coverage up a total of 17%) Operating • Gulf Beaches Library allocation up 6%; PSTA rates up 18% for FY25 w/ new paratransit costs • Modification to the cost allocation plan for the Admin. Fee • Reduces revenue to the General Fund but also reduces expenses in the 4 enterprise funds • Processing fees paid to St. Petersburg for wastewater up 10% • Assumed first debt payment (interest-only) for the Public Works Facility 24

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Taxes, Fees, and Utility Rates • Proposed mileage set at 3.8129 (Causeway making up 0.5 of that total) • Parks & Recreation fees have been adjusted to be more responsive to users and better recover related expenses • Wastewater Rates – 10% base increase + PSA • Solid Waste Rates – 3% increase for recycling and 10% for refuse • Building Fund Rates • Stormwater rate revenue should effectively be flat for FY25 with year 2 of the ERU implementation • Individual ratepayers will see changes in their respective bills based on their classification 26

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0 0.5 1 1.5 2 2.5 3 3.5 4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 City of Treasure Island Millage Rate 10-Yr History General Operating Millage Replacement Revenue for Debt Bridge Replacement & Renewal Millage Facilities Replacement & Renewal Revenue 28

$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Treasure Island Property Taxes Levied versus Millage Rate 10-Yr History General Operating Millage Replacement Revenue for Debt Bridge Replacement & Renewal Millage Facilities Replacement & Renewal Revenue 29

1.9978 2.0234 2.1184 2.1333 2.2243 2.2367 2.2961 2.3454 2.2086 2.8605 0.4500 0.4500 0.4500 0.4500 0.5261 0.5261 0.5261 0.5261 0.52610.1000 0.1000 0.1000 0.2000 0.3000 0.3000 0.5000 0.5000 0.5000 0.5000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.4472 0.4184 0.3304 0.3186 0.2822 0.2741 0.2218 0.1938 0.2438 0.1937 0.1598 0.1575 0.1549 0.1563 0.1076 0.1141 0.1155 0.1009 0.1791 0.1060 0.0821 0.0875 0.0830 0.0786 0.0726 0.0619 0.0534 0.0466 0.0553 0.0528 0.0000 0.5000 1.0000 1.5000 2.0000 2.5000 3.0000 3.5000 4.0000 4.5000 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Library Contribution Transit Alternative vs PSTA Millage Causeway & Bridges Operating Only Facilities Assignment Bridge Commitment Replacement Revenue for Debt General Operating Millage Millage Rate 10-Yr Breakdown to include operating components 3.3368 Mills 3.3368 Mills 3.3368 Mills 3.3368 Mills 3.6129 Mills 3.8129 Mills 3.8129 Mills3.4368 Mills 3.8129 Mills 3.8129 Mills 30

Millage Taxable Difference Fiscal Year Rate Value % Change Tax Levy From Prior Yr FY 2015 3.3368 1,389,609,958 6.84% $4,636,851 296,679 FY 2016 3.3368 1,487,100,050 7.02% $4,962,155 325,305 FY 2017 3.3368 1,595,023,183 7.26% $5,322,273 360,118 FY 2018 3.3368 1,733,489,438 8.68% $5,784,308 462,034 FY 2019 3.4368 1,851,913,681 6.83% $6,364,657 580,349 FY 2020 3.6129 1,993,655,565 7.65% $7,202,878 838,221 FY 2021 3.6129 2,111,978,036 5.93% $7,630,365 427,487 FY 2022 3.8129 2,231,861,049 5.68% $8,509,863 879,498 FY 2023 3.8129 2,554,391,138 14.45% $9,739,638 1,229,775 FY 2024 3.8129 2,830,351,920 10.80% $10,912,188 1,172,550 Rolled Back Milage Rate FY25 3.4649 3,157,902,373 11.57% $10,941,816 29,628 Majority Vote Max. Millage FY25 3.6621 3,157,902,373 11.57% $11,564,554 652,367 Proposed Milage Rate FY25 (same as FY24) 3.8129 3,157,902,373 11.57% $12,040,766 1,128,578 City of Treasure Island Millage Rate Chart 3.4649 Rolled Back 3.8129 Proposed Millage Rate 4.0283 110% above Majority Vote Max Millage Rate 3.6621 Majority Vote Maximum Millage Rate Majority Vote 3/5 Super Majority Vote 4/5 Unanimous Vote 5/5 31

Millage Rate Impact to property taxes Millage Assessed Taxable Tax Annual Monthly Median Value Homesteaded Home Rate Value* Value Amount Difference Difference FY24 3.8129 620,000 570,000 $2,173 Rolled Back FY25 3.4649 638,600 588,600 $2,039 ($134) ($11) Proposed FY25 3.8129 638,600 588,600 $2,244 $71 $6 Millage Assessed Taxable Tax Annual Monthly Millage Assessed Taxable Tax Annual Monthly Median Value NON-Homesteaded Home Rate Value* Value Amount Difference Difference FY24 3.8129 620,000 620,000 $2,364 Rolled Back FY25 3.4649 682,000 682,000 $2,363 ($1) ($0) Proposed FY25 3.8129 682,000 682,000 $2,600 $236 $20 Millage Assessed Taxable Tax Annual Monthly $1,500,000 Homesteaded Rate Value* Value Amount Difference Difference FY24 3.8129 1,500,000 1,500,000 $5,719 Rolled Back FY25 3.4649 1,545,000 1,545,000 $5,353 ($366) ($31) Proposed FY25 3.8129 1,545,000 1,545,000 $5,891 $172 $14 Millage Assessed Taxable Tax Annual Monthly $1,500,000 Non-Homesteaded Rate Value* Value Amount Difference Difference FY24 3.8129 1,500,000 1,500,000 $5,719 Rolled Back FY25 3.4649 1,650,000 1,650,000 $5,717 ($2) ($0) Proposed FY25 3.8129 1,650,000 1,650,000 $6,291 $572 $48 Millage Assessed Taxable Tax Annual Monthly $3,000,000 Non-Homesteaded Rate Value* Value Amount Difference Difference FY24 3.8129 3,000,000 3,000,000 $11,439 Rolled Back FY25 3.4649 3,300,000 3,300,000 $11,434 ($5) ($0) Proposed FY25 3.8129 3,300,000 3,300,000 $12,583 $1,144 $95 * Increased by the CPI for homesteaded properties - 3% for FY24 * Increased by the CPI for non-homesteaded properties - 10% for FY24 32

Original Revised* Proposed Original Revised Budget Budget Budget % % Fund FY24 FY24 FY25 Change Change General Fund 19,364,550$ 24,101,349$ 23,217,610$ 20% -4% Penny for Pinellas 1,985,000 5,211,009 1,035,000 -48% -80% County Gas Tax 0 111,450 380,000 n/a 241% Transportation Trust 0 12,839 0 n/a -100% Building Fund 944,000 958,500 921,650 -2% -4% Debt Service 968,400 1,028,400 1,329,580 37% 29% Gulf Blvd Undergrounding 1,205,500 1,532,600 0 -100% -100% City Facilities Projects 6,100,000 6,890,853 6,750,000 n/a -2% Wastewater 11,400,490 14,707,598 8,669,670 -24% -41% Solid Waste 2,711,570 2,711,570 3,679,840 36% 36% Stormwater 2,093,740 3,928,886 1,936,860 -7% -51% Total All Funds Budget 46,773,250$ 61,195,056$ 47,920,210$ 2% -22% less interfund transfers (2,068,400) (2,068,400) (1,918,580) -7% -7% Net Expense Budget 44,704,850$ 59,126,656$ 46,001,630$ 3% -22% Expenditures by Category Personnel 12,071,290$ 12,071,290$ 12,980,360$ 8% 8% Operating 12,554,760 13,794,498 13,110,390 4% -5% Capital & CIP Projects 18,631,500 31,789,164 18,130,200 -3% -43% Debt Svc/Other/Contingency 1,447,300 1,471,704 1,780,680 23% 21% Transfers to other funds 2,068,400 2,068,400 1,918,580 -7% -7% Total Budget 46,773,250$ 61,195,056$ 47,920,210$ 2% -22% less interfund transfers (2,068,400) (2,068,400) (1,918,580) Net Expense Budget 44,704,850$ 59,126,656$ 46,001,630$ 3% -22% *Reflects the current budget and all budget amendments, carryforwards from FY24, and rolled purchase orders . All Funds Budget Summary 33

All Funds - Revenues to Expenses 34

Debt Management Update Current Debt • Palms & Capri Bridges (ends in FY27) • 2 Wastewater SRL (end in FY34 & FY37) • City Center Revenue Bond (ends in FY35) Proposed Future Debt • Public Works Facility $6.1M FY25 - 44 • Cost allocated to the General Fund and 3 PW Enterprise Funds • Public Safety Facility $8M FY27 – 46 These 2 proposed issuances pass all 4-5 debt tests imposed upon the city based on the most recent information available. Debt Payments & Update • In FY24 the city will have made $1,065,110 in debt service payments and will have an outstanding principal balance of $8,062,907 as of the end of this FY • Public Works $6.1m • 20-year loan at 5% • Total debt payment $8,919,720 • Public Safety $8.0m • 20-year loan at 4% • Total debt payment $11,698,060 35

Major Capital Items for Commission Consideration General Fund • $650k to relocate electrical transformers for PW Facility • $610k contingency for PW Facility • $4m total for the Beach Trail Extension (FY26 & 29) • $2m for City Seawall repairs (5 years) • $6.8m in CIP projects for the Causeway for the 5-year period • $1.3m in various Park and Rec. Facility improvements • $745k in scheduled vehicle replacement Penny for Pinellas •