The collections of the Series IV Local Sales Tax Fund began on Jan. 1, 2018. The total anticipated collections through Dec. 31, 2028 are $87 million. This is a $9 million increase over the last LOST fund (Pennies for Progress) that ran from Jan. 1, 2007 through Dec. 31, 2018.
Here are the budgets for the two funds:
| Series IV | Pennies for Progress | |
| 2018-2028 | 2007-2018 | |
| Fire | Â $Â Â Â Â Â Â Â Â Â 8,116,000 | Â $Â Â Â Â Â 4,342,285 |
| Police | Â $Â Â Â Â Â Â Â 14,385,954 | Â $Â Â Â 12,409,455 |
| Public Works | Â $Â Â Â Â 14,450,000 | Â $Â Â Â 7,768,008 |
| Library | Â $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â – | Â $Â Â Â Â Â 6,578,853 |
| Planning Services | Â $Â Â Â Â Â Â Â Â Â Â Â Â 275,000 | Â $Â Â Â Â Â Â Â Â 533,719 |
| Parks & Rec | Â $Â Â Â 16,400,000 | Â $Â Â 16,844,308 |
| Park Improvements | Â $Â Â Â Â Â 7,582,000 | Â $Â Â Â Â Â 2,369,248 |
| Energy Conversation | Â $Â Â Â Â 5,000,000 | Â $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â – |
| ADA Improvements | Â $Â Â Â Â Â 1,100,000 | Â $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â – |
| Economic Development | Â $Â Â Â Â 7,000,000 | Â $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â – |
| Capital Equipment | Â $Â Â Â Â 8,000,000 | Â $Â Â Â Â Â Â Â Â 127,225 |
| Equipt – Parks & Rec | Â $Â Â Â Â Â Â Â Â Â Â Â Â 170,000 | Â $Â Â Â 2,948,605 |
| Equipt – Public Works | Â $Â Â Â Â Â Â 359,000 | Â $Â Â Â Â Â 3,866,184 |
| Â $Â Â Â Â 82,837,954 | Â $Â Â Â 72,497,039 | |
| Interest expense | Â $Â Â Â Â Â Â Â Â Â 4,525,526 | Â $Â Â Â Â Â 5,548,921 |
| Â $Â Â Â Â 87,363,480 | Â $Â Â 78,045,960 | |
| Less Transfers in | Â $Â Â Â Â Â (363,480) | Â $Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â – |
| Total | Â $Â Â Â 87,000,000 | Â $Â Â 78,045,960 |
A big difference in the two budgets is Mayor Ashton Hayward and the Pensacola City Council began borrowing against the Series IV fund four years ago. According to the FY 2018, Hayward will have committed to spend $27.3 million on projects and the interest on the loans over the first eight months of the new fund. If the Pensacola City Council approves the budget increase for the Bayview Park Community Center ($1.34 million) in June, the mayor will spend $28.6 million of LOST funds before the new mayor takes office—which is about a third of the Series IV LOST fund.
| Committed thru FY 2018 | |
| 2015 | Â $Â Â Â Â Â Â Â Â Â 2,314,588 |
| 2016 | Â $Â Â Â Â Â Â Â Â Â Â Â Â 416,250 |
| 2017 | Â $Â Â Â Â 14,070,858 |
| 2018 | Â $Â Â Â Â Â Â Â Â Â 9,651,500 |
| Plus Interest | Â $Â Â Â Â Â Â Â Â Â Â Â Â 855,980 |
| Â $Â Â Â Â Â Â Â 27,309,176 | |
| Bayview Increase | Â $Â Â Â Â Â Â Â Â Â 1,335,086 |
| Â $Â Â Â Â 28,644,262 | |
| Percentage committed | |
| through first year of fund | 32.92% |
Under the city manager-council government, the city didn’t borrow against future LOST funds. In the first eight months of the Pennies for Progress budget, the city council approved $8.45 million in expenditure, 10.8% of the total.
And it could get worse for whomever is the next mayor of Pensacola, the projected Series IV LOST budget for FY 2019 is $11.62 million – which means over 46 percent of the Series IV could be spent before the new mayor completes his first year in office.
I thought his “GOB Bill” has been paid already? You mean the outside legal fees, street contracts and useless consultant studies had already satisfied the GOB payments. The taxpayers can’t owe more than what has already been paid by the City
Cmon George…you know good and well he has to pad the pockets of the folks whom put him in that position as best as possible before losing control of the cash cow that has enriched his GOB network at the cost to those of us not part of the Pensacola Oligarchy (also known as the Good Ole Boys). It’s nothing new here and only on very rare occasions does anyone ever serve any time for their graft.
I cannot believe the City Council is so gullible and leaderless that they would allow the Mayor to commit spend funds for the next 10 years AFTER he leaves office. Clearly, the Mayor’s record for prudent fiscal management and successful development projects demonstrates he is the last person that should be “making deals as he goes out the door.”