Make us your home page

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Madeira Beach cash reserves are more than healthy

MADEIRA BEACH — The city has an "awful, horrible problem," according to City Manager Shane Crawford. It is unlike the problems facing many other cities and counties.

Quite simply, the city has a lot more money than it needs to pay for city operations.

"Other cities would love to have that problem," Crawford told the City Commission last week.

The city will spend $5.5 million this year to pay for salaries and city services such as administration, law enforcement and fire protection.

Another $2.6 million in the city's sales tax fund is budgeted mostly for capital projects.

Those totals do not include another almost $5 million budgeted for sanitation, stormwater, and the marina, as well as special categories such as John's Pass, parking and vehicle replacements.

Many of those services generally pay for themselves through user fees.

The city also has a reserve fund for both general and capital spending that is not included in the current budget.

In fact, the city has 266 percent of that money actually in the bank or expected to be received from property taxes and other revenues by the end of the city's fiscal year, according to the city's new finance director, Vincent Tenaglia.

That equates to the equivalent of a whopping $14,047,494 savings account.

A little more than half of that amount — just over $7 million — is in the general fund and could be used for anything the commission might want. The rest is money the city receives from the county's Penny for Pinellas sales tax and must be used for capital projects.

City policy is to keep its reserve fund at about 33 percent to have enough money in the event of a hurricane or other emergency.

"This is a lot more than 33 percent. Your cash on hand is very healthy," Crawford said, adding that he will be asking the commission for direction on how to "handle" the extra cash.

The commission is considering rebuilding its aging city hall, fire station and public works building. Within the next few months, Wannemacher Jensen Architects will present concept drawings and initial cost estimates for those buildings.

"We have enough cash to fund some of these building projects and still be very, very healthy with cash reserves," Crawford said.

Crawford and Tenaglia are studying the current budget, as well as collecting needs and wants from various department heads, before drafting the city manager's initial budget proposal.

The city's administrative team plans to present the commission with a budget for the 2012-2013 fiscal year at a meeting June 29.

Madeira Beach cash reserves are more than healthy 05/29/12 [Last modified: Tuesday, May 29, 2012 6:16pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Heights Public Market to host two Tampa Bay food trucks


    TAMPA — The Heights Public Market announced the first two food trucks for its "rotating stall," which will feature new restaurants every four months. Surf and Turf and Empamamas will be rolled out first.

    Heights Public Market is opening this summer inside the Tampa Armature Works building.
[SKIP O'ROURKE   |   Times file photo]

  2. Mariners lose lefty Drew Smyly to Tommy John surgery


    SEATTLE — Drew Smyly was the centerpiece to one of Seattle's many offseason moves by general manager Jerry Dipoto. He was a priority acquisition as a proven lefty for the rotation the Mariners believed would thrive pitching at Safeco Field.

    Drew Smyly will undergo Tommy John surgery after being diagnosed with a torn ulnar collateral ligament. Seattle announced the diagnosis on Wednesday, ending Smyly's hopes of returning during the 2017 season. [AP photo]
  3. Author Randy Wayne White could open St. Pete's biggest restaurant on the pier

    Food & Dining

    ST. PETERSBURG — The story begins with Yucatan shrimp.

    St. Petersburg Deputy Mayor Kanika Tomalin, pilot Mark Futch, Boca Grande, St. Petersburg Mayor Rick Kriseman, and author and businessman Randy Wayne White,  Sanibel, exit a Maule Super Rocket seaplane after taking a fight around Tampa Bay off the St. Petersburg waterfront, 6/28/17.  White and his business partners are in negotiations with the City of St. Petersburg to build a fourth Doc Ford's Rum Bar & Grille on the approach to the St. Petersburg Pier with a second event space on the pier according to White. The group met near Spa Beach after a ground breaking ceremony for the new pier. "We want to have our business open by the time the pier opens," said White. Other Dr. Ford restaurants are located on Sanibel, Captiva and Ft. Myers Beach. SCOTT KEELER   |   Times
  4. Busted: How a Times photographer captured Donald Trump's fake news


    Tampa Bay Times photojournalist Scott Keeler was on assignment last summer for a story about Donald Trump’s presence in Palm Beach, a tale of glamour and conflict. Along the way he inadvertently captured evidence of a …

    Near the main entrance at Mar-a-Lago, the fake Time magazine cover is on display in July 2016.
  5. Jones: Steve Yzerman's plan for getting the Lightning back into the playoffs

    Lightning Strikes

    BRANDON — Seems like forever since the Lightning played a hockey game.

    If the Lightning season started right now, would Steve Yzerman be happy with what he has? "We're still a couple of players short,'' Yzerman said.. [DIRK SHADD   |   Times]