Saturday, January 31, 2009

IRB'S FINANCIAL PERFECT STORM

Three Forces at Work

[2009 and 2010 in IRB ain’t going to be pretty from a revenue standpoint. This is the first in a series of three postings written by IRB resident Kelly Cisarik on the subject.]

There are three forces creating a financial "perfect storm" (if you will) in IRB. These forces will affect the city’s revenues starting this year, continuing at least through 2010…and likely much longer.

Financial Perfect Storm Force #1:
DECLINING PENNY FOR PINELLAS REVENUE

Clearwater’s estimates are 14% less “Penny” revenue over the next ten-year “Penny” term, requiring the City of Clearwater to knock off about $20 million in planned projects. IRB’s “Penny” revenues will also decline however there has been no public discussion of cutting projects and reducing expenses since the 2008/2009 budget process ended.

Click on the title below to read an article by Staff Writer Mike Brassfield that appeared in the January 25th St. Petersburg Times:

“Clearwater feels Penny for Pinellas tax squeeze”

Kelly Cisarik
IRB

Check back tomorrow for Force #2 in IRB’s impending “Financial Perfect Storm.”

(Note: If you'd like to comment on this posting, simply click on the "Comments" link at the bottom of the article and follow the prompts. You may comment anonymously if you'd like. Or, you can always e-mail your comments to irbeheard@cmdinc.net and we'll post them for you!)

2 comments:

Anonymous said...

I believe the graphic is wrong.

In lieu of "money from heaven" we a giant whirlpool or vacuum cleaner will be sucking more money from our pockets.

Time to identify the real sacred cows and dispense with them.

Anonymous said...

fortunately the penny money is not supposed to be used for operating costs, just new capital construction