Hayward wants to spend another $21M of LOST before he leaves

Mayor Ashton Hayward is proposing $21,244,400 of Local Option Sales Tax spending  for FY 2019.

Council Chambers Renovations          375,000
Fire Equipment, Vehicles (3)          192,600
Police
   Radio       1,000,000
   Vehicles, Data Terminals          710,000
   HQ HVAC          150,000
Public Works
  Sidewalks          200,000
  Intersection improvements          100,000
  Pavement management program          500,000
Parks & Rec
  Cobb Center          150,000
  East Pensacola Heights            75,000
  Malcolm Yonge Gym          195,000
  Roger Scott Tennis          700,000
  Sanders Beach/Corrine Jones       1,075,000
  Vickery Center          315,000
  General Facilities Improvements            90,000
Park Improvements
  Aviation Park            50,000
  Bayview Park            20,000
  Bill Gregory            50,000
  Chimney Park            15,000
  Highland Terrace          100,000
  Legion Field       1,100,000
  Magee Field          100,000
  Mallory Heights (Goya)          950,000
  Miraflores            30,000
  Plaza de Luna            50,000
  Wayside East Seawall       1,600,000
  General park improvements            35,000
  Park sidewalk improvements            30,000
Park & Rec Vehicles & Equipt (10)          372,400
Public Works  Vehicles & Equipt (10)          361,300
Interest Expense          659,600
Principals on notes       3,543,500
Total     21,244,400

 

The current series of Local Option Sales Tax (Series IV) is projected to generate $93.4 million. The city began collecting the tax on Jan. 1, 2018, and it will continue to do so through Dec. 31, 2029 –11 years after he has left office.  Mayor Hayward  has borrowed $31.5 million against the Series IV funds and started spending the money in 2015 (after he was reelected).

If the Pensacola City Council approves the LOST Series Plan IV for FY 2019, the city will have allocated 60 percent of the entire projected revenue, $55.86 million (includes interest on loans), in the first nine months of Series IV and before the next mayor takes office.

The new mayor and next city council will have about $37.5 million for capital projects over the next 10 years.

In 2016, Mayor Hayward got the council to approve borrowing against the Local Option Gas Tax so that he could complete 10 years of street paving in three years. The new mayor and council will not have any significant LOGT funds for street and sidewalk projects until 2026 at the earliest.  Local Option Sales Taxes will have to be used.


 

How did Mayor Hayward increase the city’s operating budget  by $47.5 million in five years?

FY 2014 FY 2019
General Fund        48,046,900     53,693,400        5,646,500
Special Revenue        32,237,100     37,348,400        5,111,300
Debt Service                       –       6,431,000        6,431,000
Capital Projects        13,770,400     24,020,400      10,250,000
Enterprise        77,980,100     96,048,700      18,068,600
Internal Services        20,235,400     22,176,700        1,941,300
Total Budget      192,269,900   239,718,600      47,448,700
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