Agenda

The City adopted a fiscal year 2022 General Fund operating budget of $309.5 million (inclusive of the
subsidy transfer to solid waste, the Hillsborough County appropriation, and supplemental
appropriations), compared to an adopted budget of $301.0 million for fiscal year 2021. The budget
reflects an overall increase of 2.9% over the prior year. $4.0 million of assigned fund balance is
planned to be used as a funding source towards the fiscal year 2022 tax rate.

Requests for Information

Long-Term Debt

At the end of the current fiscal year, the City had total debt outstanding of $337 million compared
to $310 million in the prior year. Of this amount, $297 million represents general obligation debt, which
is backed by the full faith and credit of the government.

OUTSTANDING DEBT AS OF JUNE 36, 2021 and 2020

Major capital asset additions during the current fiscal year included the following (in thousands):

Governmental Activities

The difference between the original and final amended budget resulted in an overall increase in
appropriations of $0.65 million and is summarized as follows:

Total Original Budget, per budgetary financial statements/schedule $ 301,027,022
Plus: Transférs in from Retirement Trust and

Police Overtime Reserve Fund 650,416
Total Final Budget, per Financial Statements/Schedules $ 301,677,438

The combined difference between the final amended budget and actual results reflects an overall
surplus of $8.7 million.

General Fund

Financial Analysis of the City’s Funds

As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements.

Governmental Funds

The focus of the City’s governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the City’s
financing requirements. In particular, unassigned fund balance may serve as a useful measure of a
City’s net resources available for spending at the end of the fiscal year.

Governmental Activities

Governmental Activities

Governmental activities for the year resulted in a decrease in net position of $19.9 million or 68.7%.
Key elements of this change include favorable auto permits and intergovernmental revenues and
substantial unspent appropriations, increased funding levels in the internal service fund, softened
by approximately $23.3 million increase to pension expense from GASB 68 and spending
approximately $21.0 million for the downtown performing arts center.

The chart below identifies revenues by source for governmental activities:

The following table indicates the changes in net position for governmental and business-type
activities (in thousands):

CHANGES IN NET POSITION

Government-Wide Financial Analysis

The following is a summary of condensed government-wide financial data for the current and prior
fiscal year (in thousands):

Govemmental Business-Type
Activities Activities Total
2021 2020 2021 2020 2021 2020

Current assets $ 304923 $ 278443 § 23,030 §$ 24,054 $ 327953 $ 302,497
Capital assets 362,520 333,460 178,108 W777 $40,628 310,577
Other noncurrent assets 119,745 123,435 — - 119,745 123,435