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Iorio To Brief City Council On Tampa's Finances

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By CHRISTIAN M. WADE | The Tampa Tribune

Published: December 9, 2008

TAMPA - Declines in property and sales tax revenue forced the city to lay off workers over the past two years and cut more than $17 million from this year's budget.

And the worst may be yet to come.

As the economic decline continues, city officials are taking stock of the financial outlook for Hillsborough County's largest municipality, and the numbers aren't looking good.

Mayor Pam Iorio meets with city council members today to outline revenue projections for the next three years and discuss what can be done to slow the hemorrhaging.

"We know all of our revenues are going down," Iorio said. "Everything is going down."

Florida consumers are cutting back on everything from buying cars to eating out. That has translated into less sales tax money for local governments like Tampa already reeling from lower property tax revenue.

Of particular concern to Iorio is the number of foreclosed homes in the city over the past several months and how that might affect property tax collections in the coming year.

Property taxes are deposited in the city's general fund, which pays for police, fire and other municipal services. Iorio's $836 million fiscal 2009 budget predicts a loss of more than $2.4 million in property taxes, mainly as a result of the statewide Amendment 1 tax cuts.

"If those foreclosures are going to be part of next year's calculations, then our tax base will take a big hit," Iorio said. "One that will take a very long time to recover from."

Reporter Christian M. Wade can be reached at (813) 259-7679.

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