On the agenda: Sebastian meeting — data center (Aug 3)

SEBASTIAN BUDGET REVIEW ADVISORY COMMITTEE
AGENDA
6:00 P.M. MONDAY – AUGUST 3, 2026
CITY HALL
1225 MAIN STREET
a. Call to Order
b. Pledge of Allegiance
c. Roll Call
d. Approval of Minutes: Meeting of July 20, 2026
e. Review and Approval of FY 2026 3rd Quarter Financial Report
f.

Review and Approval of FY2026 3rd Quarter Budget Amendment Report

g. Announce Next Meeting Date - TBD
h. Adjourn
Agenda Attachments:
•
•
•

Minutes for Meeting of July 20, 2026
FY2026 3rd Quarter Financial Report
FY2026 3rd Quarter Budget Amendment Report

ANY PERSON WHO DECIDES TO APPEAL ANY DECISION MADE WITH RESPECT TO ANY MATTER CONSIDERED AT
THIS MEETING WILL NEED A RECORD OF THE PROCEEDINGS AND MAY NEED TO ENSURE THAT A VERBATIM
RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON
WHICH THE APPEAL IS TO BE BASED. (F.S.286.0105)
IN COMPLIANCE WITH THE AMERICAN WITH DISABILITIES ACT (ADA), ANYONE WHO NEEDS A SPECIAL
ACCOMODATION FOR THIS MEETING SHOULD CONTACT THE CITY’S ADA COORDINATOR AT 589-5330 AT LEAST 48
HOURS IN ADVANCE OF THIS MEETING.

ZOOM INFORMATION
For Zoom link and Agenda please go to the City’s Calendar here:
https://www.cityofsebastian.org/calendar.aspx

CITY OF SEBASTIAN
BUDGET REVIEW ADVISORY COMMITTEE MEETING MINUTES
MONDAY, JULY 20, 2026 - 6:00 P.M.
CITY COUNCIL CHAMBERS
1225 MAIN STREET, SEBASTIAN, FLORIDA
a. CALL TO ORDER – Chair Napier called the meeting to order at 6:00 PM.
b. The Pledge of Allegiance was recited by all.
c. ROLL CALL:
Present
Scott Baker
Harry Hall
Grace Reed
Larry Napier
Bill Flynn
William Radke
Staff Present:
Brian Stewart, Chief Financial Officer
Brian Benton, City Manager
d. APPROVAL OF MINUTES
The minutes of the May 4th and May 11th, 2026 meetings were presented for
approval.
Vice Chair Reed MOTIONED to approve the minutes of the May 4th, 2026 meeting
as written. Mr. Baker SECONDED the motion. The motion carried unanimously.
Vice Chair Reed MOTIONED to approve the minutes of the May 11th, 2026
meeting as written. Mr. Flynn SECONDED the motion. The motion carried
unanimously.
e. PRESENTATION ON DRAFT FY 2027 BUDGET AND PROPOSED MILLAGE
The City Manager delivered the same PowerPoint presentation previously given
to City Council at the annual budget workshops held the prior Wednesday and
Thursday. The presentation was intended to orient members – particularly any
newer ones – to the structure and composition of the city's budget.
The proposed FY 2027 total general fund budget is approximately $20,549,746.
The Police Department alone constitutes 47% of the general fund, at

BUDGET REVIEW ADVISORY COMMITTEE
JULY 20, 2026 MINUTES
PAGE 2
approximately $9,500,000, a figure that has since increased following council
direction at the budget workshop (discussed below). The draft budget proposes
maintaining the current millage rate of 3.4455, which, at a 96.7% collection rate,
would generate $8,641,685.77 in ad valorem revenue – a 3.35% increase over FY
26 ad valorem collections, attributable solely to growth in taxable values, not a rate
increase. The City Manager noted a new statutory requirement effective July 1 that
requires municipalities to begin the budgeting process at the rollback rate; any
millage exceeding 110% of the rollback rate now requires a unanimous City
Council vote, and staying at the current millage rate of 3.4455 will require a 4-outof-5 council vote.
The general fund – which is funded by unrestricted funds – include approximately
43% property taxes (roughly $8,700,000), with the balance coming from utility
taxes (19%), intergovernmental revenues (18%), other sources (13%), and
licenses, permits, fees and charges for services (7%). The City Manager reviewed
proposed general fund expenditures by department for FY 2026-2027. He
emphasized that restricted funds – discretionary sales tax, local option gas tax,
Community Redevelopment Fund (CRA), enterprise funds (Stormwater. Building,
Airport and Golf Course), and recreation impact fees – cannot be used to fund
general fund operations; they are legally limited to infrastructure, capital projects,
and their respective enterprise purposes. Reviewing millage rates by taxing
authority the City Manager noted that 36.1 cents of every dollar goes to Indian
River County, 34.8 cents goes to Indian River County schools, 20.8 cents goes to
the City of Sebastian, 4.6 cents goes to the hospital district, and 3.7 cents goes to
other taxing districts.
The city's property tax base is approximately 57% homestead and 43% nonhomestead. The City Manager presented projections from the July 10, 2026
Florida State Revenue Estimating Conference Report concerning the potential
passage of Amendment 3, which would expand the homestead exemption from
$50,000 to $150,000 in Year 1 (FY 2027–28) and to $250,000 in Year 2 (FY 2028–
29). Under these projections, the city would lose approximately $2,779,077 in Year
1 and $4,640,000 in Year 2. Losses would exclusively hit the general fund. The
proposal would apply only to homesteaded properties, while non-homestead
assessment increases would be capped at 5% annually rather than the current
10%. The City Manager noted that 90–95% of Sebastian's homesteaded
properties are assessed at values that would fall almost entirely below the
proposed exemption thresholds, meaning the city could lose nearly all its
homestead property tax revenue.
Mr. Flynn asked if a home were to be refinanced if it gets reevaluated at that time.
The City Manager noted that he does not believe so, but that he can confirm with

BUDGET REVIEW ADVISORY COMMITTEE
JULY 20, 2026 MINUTES
PAGE 3
the Property Appraiser’s office. Mr. Flynn also asked about change of ownership
such as with an inheritance. The City Manager confirmed that he’ll get those
answers from the Property Appraiser.
The Chief Financial Officer presented the FY 2027 draft budget and proposed
millage in greater detail, covering economic and personnel factors, enterprise and
special revenue funds, the capital improvement program, and millage options.
Current economic factors include Consumer Price Index (CPI) inflation at 4.2% for
the year ending May 2026. The Federal Reserve target rate remains at 3.50%–
3.75%, causing housing values to decline, but helps with interest rate revenue on
excess reserves. Florida unemployment trended up to 4.8%. Florida housing
prices seen a 2% statewide decline year-over-year (0.2% in Sebastian), and
Sebastian’s Taxable Assessed Value was up 5.2% for the 2026 tax year (FY 2027
budget).
Personnel factors include health insurance premiums projected to go up 6%.
Police union negotiated pay increases and non-union pay increases are both
included. One new part-time position is being added to COPE. The Chief Financial
Officer discussed enterprise and special revenue funds beginning with the golf
course. The golf course projects a revenue excess of $11,283, conservatively, and
includes a $100,000 repayment to the general fund. The Airport fund projects a
revenue excess of $81,972. Building fund permit revenues are expected to remain
level. The American Rescue Plan Act (ARPA) funds must be spent by December
31, 2026, and are allocated to the Gardenia Ditch project closeout and the
Schumann Drive Box Culvert design, both on track for completion by fiscal year
end. Local option gas tax and discretionary sales tax revenues are both projected
at 1% annual increases and are dedicated to projects such as road preservation,
reconstruction, sidewalks, equipment, park upgrades, and grant matching.
The Riverfront CRA fund covers operating expenditures for the working waterfront
and related projects through FY 28, with the Central Avenue Catalyst Site
projected in FY 30–31. The Recreation Impact Fee fund has a projected ending
balance of $117,245 for FY 27. The Stormwater Utility fund revenues exceed
expenditures by $47,055. Capital includes an F-250 truck replacement, park
roadway drainage, pond fountains, and sliplining and pipe replacement. The Law
Enforcement Forfeiture Fund has a projected beginning balance of $36,528. This
fund is only used for unbudgeted items, and specific items need City Council
approval. The Parking in Lieu of Fund is used for providing additional parking and
has a projected beginning balance of $131,902. The Cemetery Permanent Fund
is reimbursing $150,000 to the general fund for operations and maintenance. Half
of sales is used on operations and maintenance, and the other half is used on
expansions or cost incidental to adding future sites. There is an ongoing
administration building replacement project totaling $735,410.

BUDGET REVIEW ADVISORY COMMITTEE
JULY 20, 2026 MINUTES
PAGE 4
The six-year CIP totals $61.9 million. Next fiscal year's CIP allocation is $11.1
million, of which approximately 40% ($4.4 million) will be funded by grants. The
four largest single-year CIP items are sidewalk work ($2,156,510), street
reconstruction ($1,800,000), Taxiway Golf construction ($1,350,000), and the City
Hall A/C chiller project ($1,250,000).
Mr. Hall inquired about the current reserve balance. The Chief Financial Officer
confirmed the most recently audited unassigned general fund balance (FY 2025)
was $10,342,092, and that a quarterly budget report with updated figures would be
presented at the next meeting. The City Manager estimated that approximately
$300,000–$500,000 in reserves had been drawn during the current fiscal year and
that the current-year carryforward was projected to be a modest increase of
approximately $100,000, though he cautioned those projections are estimates
subject to change. The city's fund balance policy requires a minimum of
$7,000,000 in reserves, leaving approximately $3,000,000 to $4,000,000 above
the required floor. The City Manager cautioned that two significant upcoming
expenditures – a pending property purchase (to be reimbursed by grants) and a
stormwater litigation matter – are anticipated to require draws on reserves during
the coming fiscal year.
The Chief Financial Officer explained that setting the proposed millage for the
TRIM notices at 3.4455 will be advertised as a 3.35% tax increase. It was noted
that exceeding the proposed millage on the TRIM is expensive and delays budget
adoption which is why advertising at the highest rate is recommended. Staff
requests the Budget Advisory Committee recommend to City Council to approve
the tentative millage for FY 2027 at 3.4455.
The City Manager presented the Police Department’s staffing update. Following
direction from City Council at the Wednesday budget workshop, the City Manager
returned to identify funding for two additional officer positions, bringing the total
funded officer count from 31 to 33. The cost to add the two positions was $149,575.
The funding was identified through the following reductions and transfers: a new
$50,000 annual administrative fee charged to the solid waste fund; a $10,000
increase to the airport-to-general-fund transfer (related to the City
Engineer/Special Projects Coordinator absorbing the Airport Director role); a
$15,000 reduction in the non-departmental health savings account; a $49,980
reduction in estimated insurance costs; a $2,000 reduction in police administration;
a $2,500 reduction in facilities R&M; the transfer of a parks restroom door
replacement project ($20,000) from the general fund to the recreation impact fee
fund; and a $1,500 reduction in parks and recreation R&M. The City Manager
cautioned that if final insurance figures come in higher than estimated, the
identified insurance savings may need to be revisited.

BUDGET REVIEW ADVISORY COMMITTEE
JULY 20, 2026 MINUTES
PAGE 5
Vice Chair Reed raised several revenue considerations, including the potential
impact of HB 803 (Live Local Act) on building permit and community development
review revenues, noting that the new law allows applicants to use independent
third-party reviewers in lieu of city staff. The City Manager acknowledged a
downward trend in building permits and estimated any revenue impact could be in
the range of tens of thousands of dollars — significant but not catastrophic. Vice
Chair Reed also inquired about local option gas tax distribution, the potential for
Amendment 3 to affect interlocal distribution agreements, non-ad valorem
assessments, and whether stormwater fees would increase. The City Manager
explained that local option gas tax dollars cannot be redirected to cover general
fund losses. He also confirmed no stormwater rate increase is proposed for FY 27.
Vice Chair Reed further observed that even holding the millage rate flat does not
provide tax relief to residents, since rising assessments still result in higher tax
bills. She expressed support for the rollback rate as a gesture of good faith toward
residents, particularly given increases in other non-ad valorem charges on tax bills.
Mr. Baker asked what direction had been given to department heads in building
their budgets. The City Manager explained that staff conducted detailed line-item
reviews and also ran exercises requiring departments to model 15% and 22% cuts.
He noted that for many small departments, any further cuts would have to come
from personnel rather than operations, which is not a viable path given current
staffing levels.
Mr. Hall asked if this budget proposal meets the basic needs of the city. The City
Manager confirmed the budget as presented covers the city's basic needs.
Mr. Baker expressed concern that Amendment 3 passage was increasingly likely
and asked what departments were doing to prepare. The City Manager confirmed
that Amendment 3 impacts are discussed at every staff meeting. He noted that the
city has already made a small departmental reduction this year, and that further
scenario planning is ongoing. He emphasized that going to the rollback rate now
would only compound the problem when Amendment 3 takes effect, as the state's
loss projections assume the existing millage rate; any reduction from that baseline
would increase the projected revenue shortfalls.
Mr. Flynn raised the long-term need to expand the commercial tax base, noting
that the city is heavily dependent on residential properties. He suggested the city
explore attracting a data center, citing a hypothetical "Project Tango" as an
example of the substantial tax revenue such a facility could generate. The City
Manager noted ongoing efforts through future annexations, partnerships with
Indian River County Economic Development and the Chamber of Commerce,
while noting the city cannot compel private property owners to sell or develop. He
also mentioned potential future economic development expansion at the airport.

BUDGET REVIEW ADVISORY COMMITTEE
JULY 20, 2026 MINUTES
PAGE 6
Mr. Radke asked whether adopting the rollback rate would affect the police
department budget or staffing. The City Manager confirmed that the $282,732
difference would most likely be absorbed through reserves and further
identification of savings, and that it would not affect police staffing levels. He
acknowledged some non-staffing items – such as training and education – could
be affected, but stated it would not constitute a direct impact to public safety.
Mr. Hall inquired whether the city's K-9 program could be funded from the Law
Enforcement Forfeiture Fund rather than the general fund, referencing a precedent
from the sheriff's office. The City Manager committed to researching whether the
forfeiture fund – currently holding approximately $36,000 – could lawfully be used
for that purpose.
f. CONSIDERATION OF PROPOSED MILLAGE RECOMMENDATION TO
COUNCIL
Discussion followed with Mr. Baker stating that he believes the proposed rate is
the better choice when compared to the rollback rate. Mr. Hall stated that given the
relatively small dollar difference between the proposed millage rate and the
rollback, the availability of reserves above the required minimum, and the value of
being able to advertise no tax increase to residents, he believed this was the year
to recommend the rollback rate. Vice Chair Reed and Mr. Flynn concurred, with
Mr. Flynn adding that while some residents may be able to absorb the additional
cost, many cannot, and the city should be mindful of the cumulative property tax
burden. Mr. Radke indicated he was inclined to support the rollback rate as well,
provided police staffing and public safety would not be affected. Chair Napier
agreed that with an estimated carryforward and sufficient reserves above the
required floor, a draw of approximately $180,000 (net of the projected carryforward
of $100,000) was manageable.
MOTION to recommend to the City Council the adoption of the FY 2027
millage rate at the rollback rate of 3.3339 was made by Mr. Hall and
SECONDED by Vice Chair Reed.
Roll Call:
Mr. Radke
Mr. Flynn
Vice Chair Reed
Motion carried 5-1.

-aye
-aye
-aye

Mr. Hall
Ms. Baker
Chair Napier

-aye
-no
-aye

BUDGET REVIEW ADVISORY COMMITTEE
JULY 20, 2026 MINUTES
PAGE 7
g. ANNOUNCE NEXT MEETING DATE
The next meeting of the Sebastian Budget Review Advisory Committee was
announced for Monday, August 3rd, 2026.
h. ADJOURN
There being no further business, Chair Napier adjourned the meeting at 7:24 p.m.

By: ______________________________________ Date: __________________
Chair Napier

QUARTERLY FINANCIAL REPORT

City of Sebastian

FY26 Quarter 3, Ending 6/30/2026

REVENUES:

Comparison to Prior Yr Actual
FY 26
Original
Budget

FY 26
Budget
Amendments

FY 26
Amended
Budget

FY25
Prior Fiscal Year
YTD Actual

FY 26
Current Fiscal Year
YTD Actual

Governmental and Proprietary Funds:
Ad Valorem Tax
Local Half-Cent Sales Tax
Local Option Gas Tax
Discretionary Sales Tax
Franchise Fees & Utility Service Taxes
Solid Waste Collection Fees
Stormwater Utility Fee
Golf Fees & Sales
Airport Fund Operating Revenues
Other Taxes, Permits & Fees
Grants & Other Intergovernmental Rev
Misc & Other income

8,393,178.00
2,555,300.00
709,020.00
5,322,700.00
5,450,300.00
2,383,360.00
2,756,060.00
2,017,180.00
861,315.00
1,180,120.00
15,031,001.00
2,144,031.00

856,159.00
150,851.00

8,393,178.00
2,555,300.00
709,020.00
5,322,700.00
5,450,300.00
2,383,360.00
2,756,060.00
2,017,180.00
861,315.00
1,180,120.00
15,887,160.00
2,294,882.00

7,087,589.89
1,492,640.67
414,463.60
3,013,969.62
3,341,474.73
2,322,753.03
2,746,990.48
1,726,413.58
608,635.01
812,341.73
2,724,182.35
1,931,588.31

8,288,386.59

Total Revenues

48,803,565.00

1,007,010.00

49,810,575.00

28,223,043.00

Governmental and Proprietary Revenues
FY26 Amended Budget
16,000,000.00
14,000,000.00
12,000,000.00
10,000,000.00
8,000,000.00
6,000,000.00
4,000,000.00
2,000,000.00

-

FY26 Actual YTD

Amount over
(Under)

% Increase
(Decrease)

410,425.59
2,899,991.72
3,556,821.91
2,363,833.22
2,766,189.12
1,806,463.91
726,367.96
817,177.91
4,269,220.91
2,288,408.97

1,200,796.70
(81,258.52)
(4,038.01)
(113,977.90)
215,347.18
41,080.19
19,198.64
80,050.33
117,732.95
4,836.18
1,545,038.56
356,820.66

17%
-5%
-1%
-4%
6%
2%
1%
5%
19%
1%
57%
18%

31,604,669.96

3,381,626.96

12%

1,411,382.15

Comparison to Budget

*
*
*

% through
Fiscal Year
(Oct - June)

% of
Budget

Estimated Amount
Over (Under)
Budget

75%
58%
58%
58%
75%
75%
75%
75%
75%
75%
75%
75%

99%
55%
58%
54%
65%
99%
100%
90%
84%
69%
27%
100%

1,993,503.09
(79,211.22)
(3,169.88)
(204,920.16)
(530,903.09)
576,313.22
699,144.12
293,578.91
80,381.71
(67,912.09)
(7,004,029.84)
567,247.47

75%

63%

(5,753,261.29)

*Gas & Sales Taxes collections have a 2 month delay

QUARTERLY FINANCIAL REPORT

City of Sebastian

FY26 Quarter 3, Ending 6/30/2026

EXPENDITURES/EXPENSES:

Comparison to Prior Yr Actual
FY 26
Original
Budget

Governmental and Proprietary Funds:
Salaries and Benefits Total (included below)
Professional Services Total (included below)
Departments:
01 City Council
05 City Manager
09 City Clerk
10 City Attorney
20 Finance
21 Management Information Services
35 Human Resources
40 Police
52 Roads and Drainage
54 Fleet Management
56 Facilities Maintenance
57 Parks and Recreation
59 Cemetery Operations
80 Community Development
99 Non-Departmental
Riverfront Redevelopment
Stormwater
Solid Waste
Golf Operations
Airport Operations
Building Dept
Capital Projects
Total Expenses

18,781,970.00
10,541,189.00

FY 26
Budget
Amendments

FY 26
Amended
Budget

FY 25
Prior Fiscal Year
YTD Actual

FY 26
Current Fiscal Year
YTD Actual

Amount over
(Under)

Comparison to Budget

% Increase
(Decrease)

% through
Fiscal Year
(Oct - June)

% of
Budget

Estimated Amount
Over (Under)
Budget

19,004,600.00
10,812,661.00

11,436,838.41
1,579,047.04

13,741,657.55
2,734,834.84

2,304,819.14
1,155,787.80

20%
73%

75.00%
75.00%

72%
25%

(511,792.45)
(5,374,660.91)

60,020.00
610,675.00
323,630.00
318,490.00
1,021,600.00
821,530.00
308,405.00
8,961,110.00
1,450,855.00
402,990.00
858,235.00
1,756,595.00
188,045.00
795,240.00
2,006,570.00
418,385.00
2,627,568.00
2,432,000.00
2,035,225.00
781,897.00
1,552,312.00
52,978,181.00

222,630.00
271,472.00
42,372.00
121,427.00
33,087.00
(48,802.00)
22,573.00
26,237.00
74,634.00
25,146.00
8,274.00
23,259.00
46,298.00
4,825.00
84,505.00
210,970.00
(74,125.00)
6,153.00
33,640.00
17,404.00
127,741.00
3,039,753.00

60,020.00
653,047.00
445,057.00
351,577.00
972,798.00
844,103.00
334,642.00
9,035,744.00
1,476,001.00
411,264.00
881,494.00
1,802,893.00
192,870.00
879,745.00
2,217,540.00
344,260.00
2,633,721.00
2,432,000.00
2,068,865.00
799,301.00
1,680,053.00
56,017,934.00

35,403.05
449,966.89
211,724.25
208,914.39
515,693.59
586,561.46
211,246.30
6,107,834.47
1,105,915.93
206,699.20
589,459.60
1,250,446.87
106,621.33
422,340.31
1,697,136.20
149,593.50
1,757,490.80
1,533,805.00
1,295,751.46
550,637.42
1,047,238.58
9,088,491.15

36,327.92
492,929.69
250,885.97
174,665.72
656,367.47
631,268.89
221,423.31
6,754,864.56
1,091,310.09
288,860.07
656,499.38
1,334,901.48
137,438.63
544,750.24
1,693,140.78
164,105.66
1,708,674.62
1,555,076.25
1,408,357.55
547,178.14
872,240.56
6,702,519.94

924.87
42,962.80
39,161.72
(34,248.67)
140,673.88
44,707.43
10,177.01
647,030.09
(14,605.84)
82,160.87
67,039.78
84,454.61
30,817.30
122,409.93
(3,995.42)
14,512.16
(48,816.18)
21,271.25
112,606.09
(3,459.28)
(174,998.02)
(2,385,971.21)

3%
10%
18%
-16%
27%
8%
5%
11%
-1%
40%
11%
7%
29%
29%
0%
10%
-3%
1%
9%
-1%
-17%
-26%

75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%

61%
75%
56%
50%
67%
75%
66%
75%
75%
72%
76%
76%
73%
69%
84%
39%
65%
64%
68%
68%
52%
12%

(8,687.08)
3,144.44
(82,906.78)
(89,017.03)
(73,231.03)
(1,808.36)
(29,558.19)
(21,943.44)
3,168.84
(13,382.43)
12,823.13
17,455.23
(3,595.12)
(51,679.76)
188,213.28
(149,683.09)
(266,616.13)
(268,923.75)
(143,291.20)
(52,297.61)
(387,799.19)
(35,310,930.56)

82,709,558.00

3,825,371.00

86,534,929.00

29,128,971.75

27,923,786.92

(1,205,184.83)

-4%

75.00%

32%

(36,977,409.83)

QUARTERLY FINANCIAL REPORT

City of Sebastian

FY26 Quarter 3, Ending 6/30/2026

Department Expenditures
10,000,000.00

FY26 Amended Budget

FY26 Actual YTD

9,000,000.00
8,000,000.00
7,000,000.00
6,000,000.00
5,000,000.00
4,000,000.00
3,000,000.00
2,000,000.00
1,000,000.00
-

CASH & INVESTMENTS:
All Funds:
Cash (Seacoast Bank)
Investments
FL Prime (SBA)
* FL Trust Short Term Bond Fund
FL Trust Day to Day Fund
FL CLASS
iTrust CD

Prior Year
Cash / * Market
Value

Current
Cash / * Market
Value

Current
Interest Rate /
*Rate of Return

Maturity

Interest Earned / *Gain (Loss)
Prior Fiscal Year
Current Fiscal Year
YTD Actual
YTD Actual

3,723,611

1,512,120

0.00%

N/A

163,846

4,507,701
604,112
8,045,508
8,058,608
-

3,856,421
624,487
2,127,196
8,785,760
8,267,877

3.83%
1.96%
3.69%
3.71%
4.16%

N/A
Various
N/A
N/A
12/15/2026

153,118
18,949
45,508
58,608
-

112,135
12,632
101,575
246,351
253,276

Total Gov & Enterprise Funds

24,939,541

25,173,861

440,029

731,581

* Salem Trust - PD Pension
* Morgan Stanley - PD Pension
Total PD Pension
* FMPTF - GE Pension

25,585,914
683,709
26,269,623
-

29,693,647
686,464
30,380,111
848,381

1,337,564
(12,387)
1,325,177
-

2,808,567 Recovery from March market dip
257
2,808,824
(16,374) New Account 10/1/25, initial plan fees causing negative returns

Total Fiduciary Funds

26,269,623

31,228,492

1,325,177

2,792,450

Total Cash & Investments

51,209,164

56,402,353

1,765,206

3,524,031

9.90%
0.49%
4.81%

Various
Various

5,612 Lower cash bal
Int rate decline from PY; and lower cash balance
New Account 5/15/25
New Account 5/1/25
New Account 9/15/25

CITY OF SEBASTIAN
CAPITAL PROJECT STATUS REPORT AS OF JUNE 30, 2026
Current
Project
Number

Description

Prior

Budget Share

Project

Year

Year

Expenditures

Percent

Budget Sources

(in Thousands of $)

Budget

Expenditures

Expenditures

To Date

Expended

CDBG

748.4

600

608,761

Funds
Encumbrances

Remaining

FY2020
A2007

CDBG Grant Program

748,443
$

748,443

$

600

$

608,761

$

609,360

81.42%

-

139,083

609,360

81.42% $

-

8,550

17.10%

-

41,450

$

139,083

FY2022
A2220

Working Waterfront- Submerged Land Lease

A2261

Concha Dam Replacement

A2264

Gardenia Ditch

A2265

Schumann Drive Box Culvert

CRA

50

50,000

-

8,550

DST

824

823,518

63

62,307

62,370

7.57%

761,148

0

ARPA/DST

688/396.4

1,084,418

464,274

11,376

475,651

43.86%

608,767

1

ARPA/DST/SW

44/18.6/18.6

81,370

750

44,846

45,596

56.04%

35,774

-

$

2,039,306

$

465,087

$

127,079

$

592,166

29.04% $

1,405,689

$

41,451

$

3,038,287

$

505

$

2,524,791

$

2,525,296

83.12% $

438,257

$

74,735

$

3,038,287

$

505

$

2,524,791

$

2,525,296

83.12% $

438,257

$

74,735

FY2023
A2364

Stonecrop Drainage Improvements

FEMA/DST

2,293/746

FY2024
A2423

Working Waterfront Expansion

FIND/CRA

60 / 60

$

120,000

$

3,292

$

103,726

$

107,018

89.18% $

12,982

$

-

A2425

N County Marine Law Enforcement Facility

FIND/DON

50 / 50

$

100,000

$

-

$

-

$

-

0.00% $

-

$

100,000

A2426

Grant Admin - N County Marine Law Enf Facility

A2427

Riverview Park Improvements

A2436
A2467

DON/GF

10.4 / 39.7

$

50,120

$

4,990

$

32,995

$

37,985

75.79% $

12,135

$

-

DEP/FIND/DST

1,500/50/1,500

$

3,100,000

$

75,720

$

-

$

75,720

2.44% $

75,910

$

2,948,370

Cemetery Building

CTF

735.4

$

735,410

$

18,020

$

34,661

$

52,681

7.16% $

33,663

$

649,066

Majestic & Montrose Drainage

DST

145.7

$

145,744

$

22,040

$

111,403

$

133,443

91.56% $

-

$

12,301

$

4,251,274

$

124,062

$

282,785

$

406,847

9.57% $

134,690

$

3,709,737

FY2025
A2511

Stan Mayfield WW Restoration Phase 1

FIND/GF/CRA

100/50/50

$

200,000

$

2,600

$

-

$

2,600

1.30% $

-

$

197,400

A2514

Opiod Settlement

DON

24.4

$

24,402

$

-

$

-

$

-

0.00% $

-

$

24,402

A2516

Tyler COA Redesign

GF

26.4

$

26,480

$

620

$

12,000

$

12,620

47.66% $

13,860

$

-

A2526

Working Waterfront Expansion

FIND/CRA

250/250

$

500,000

$

-

$

-

$

-

0.00% $

-

$

500,000

A2550

Design Terminal Apron Expansion

FAA/FDOT/DST

198.4/5.8/5.8

$

209,884

$

145,559

$

56,656

$

202,215

96.35% $

-

$

7,669

A2551

Construct Taxiway Golf

FDOT/DST

1,580/395

$

1,975,200

$

1,164,565

$

6,197

$

1,170,762

59.27% $

72,460

$

731,977

A2553

Airport Gate Security System

FDOT/AP

28/7

$

35,000

$

21,898

$

-

$

21,898

62.57% $

-

$

13,102

A2554

Design Runway 10/28 Repairs

FAA/AP

74.1/5.4

$

79,500

$

33,323

$

8,710

$

42,033

52.87% $

33,467

$

4,000

A2564

Canal Study

DST

95

$

95,000

$

-

$

2,500

$

2,500

2.63% $

-

$

92,500

A2566

Stonecrop Upstream Drainage

FEMA/DST

1,147/382.5

$

1,530,000

$

17,096

$

41,588

$

58,684

3.84% $

117,274

$

1,354,042

A2567

CRA Sewer Service/IRC Interlocal

GF

100

$

100,000

$

6,000

$

-

$

6,000

6.00% $

-

$

94,000

$

4,775,466

$

1,391,661

$

127,651

$

1,519,312

31.81% $

237,061

$

3,019,093

FY2026
P6100

Citywide Computers

DST

45

$

45,000

$

45,598

$

-

$

45,598

101.33% $

-

$

(598)

P6101

COStv Equipment

DST

15

$

15,000

$

3,896

$

-

$

3,896

25.97% $

-

$

11,104

P6102

Network Infrastructure

DST

20

$

20,000

$

4,740

$

-

$

4,740

23.70% $

-

$

15,261

P6103

Outdoor Security Updates

DST

30

$

30,000

$

23,229

$

-

$

23,229

77.43% $

-

$

6,771

P6106

PD Vehicles & Equipment

DST

633.8

$

633,751

$

417,145

$

-

$

417,145

65.82% $

180,618

$

35,987

P6107

PD Vehicle & Body Cameras

DST

107.6

$

107,560

$

48,661

$

-

$

48,661

45.24% $

15,000

$

43,899

P6108

PD Parking Lot Improvements

DST

57.3

$

57,251

$

184

$

-

$

184

0.32% $

48,827

$

8,240

P6110

PD Roof Hardening

FEMA

250

$

250,000

$

-

$

-

$

-

0.00% $

-

$

250,000

P6111

Air Conditioner Replacements

DST

30

$

30,000

$

4,826

$

-

$

4,826

16.09% $

-

$

25,174

P6112

CDBG Grant Program

CDBG

116.3

$

116,320

$

16,159

$

-

$

16,159

13.89% $

6,591

$

93,569

P6113

Budget Pro Software

GF

67.1

$

67,100

$

67,100

$

-

$

67,100

100.00% $

-

$

-

P6114

JAG Grant - Training Pistols

JAG

10.7

$

10,665

$

10,115

$

-

$

10,115

94.84% $

-

$

550

P6115

LED Conversion

DON/DST

99.9

$

99,865

$

-

$

-

$

-

0.00% $

-

$

99,865

P6200

Park Improvements

RIF

20

$

20,000

$

2,461

$

-

$

2,461

12.30% $

-

$

17,539

P6202

Garden Club Park

DEP/DST

360/90

$

450,000

$

-

$

-

$

-

0.00% $

-

$

450,000

P6203

Main Street Boat Ramp Dredging

FIND/DST

250/250

$

500,000

$

298

$

-

$

298

0.06% $

11,320

$

488,383

P6204

Swing & Bench Park

FIND/CRA

93.2/230.2

$

323,413

$

-

$

-

$

-

0.00% $

11,860

$

311,553

P6205

Working Waterfront Expansion

FIND/CRA

250/250

$

500,000

$

-

$

-

$

-

0.00% $

-

$

500,000

P6207

Fisherman's Landing WW

CRA

393.7

$

393,683

$

3,207

$

-

$

3,207

0.81% $

-

$

390,476

P6301

Street Reconstruction

DST

2,448

$

2,447,500

$

2,084,775

$

-

$

2,084,775

85.18% $

335,795

$

26,931

P6302

Sidewalk Repair/Replacement

LOGT

120

$

120,000

$

110,771

$

-

$

110,771

92.31% $

-

$

9,229

P6500

Terminal Building Rehab

AP

30

$

30,000

$

3,187

$

-

$

3,187

10.62% $

-

$

26,813

P6501

Design Taxiway Golf Apron

P6502

Construct Terminal Apron Expansion

P6504

Design NW Access for Expansion

P6503

Runway 10-28 Crack Repair & Sealcoat

P6601

Clear Span Shelter

P6603

Sliplining

P6607

CRA Septic to Sewer Conversion

GRAND TOTAL

FDOT/AP

200/50

$

250,000

$

4,000

$

-

$

4,000

1.60% $

185,535

$

60,465

FAA/FDOT/AP

1,054/27.8/27.8

$

1,110,000

$

4,500

$

-

$

4,500

0.41% $

-

$

1,105,500

FDOT/AP

200/50

$

250,000

$

-

$

-

$

-

0.00% $

149,319

$

100,681

FDOT

35

$

35,000

$

-

$

-

$

-

0.00% $

-

$

35,000

DST

450

$

450,000

$

9,769

$

-

$

9,769

2.17% $

326,617

$

113,614

SW

198.1

$

198,165

$

187,277

$

-

$

187,277

94.51% $

3,492

$

7,396

DEP/CRA

3,610/229

$

3,838,845

$

-

$

-

$

-

0.00% $

1,500,000

$

2,338,845

$

12,399,118

$

3,051,897

$

-

$

3,051,897

24.61% $

2,774,975

$

6,572,246

$

27,251,894

$

5,033,812

$

3,671,066

$

8,704,878

31.94% $

4,990,672

$

13,556,345

EXHIBIT “A” OF RESOLUTION R-26-29
SUMMARY OF BUDGET CHANGES
FOR THE QUARTER ENDED June 30, 2026
ADJUSTMENTS AFFECTING FUND BALANCES / RESERVES:
Fund
General

Gen Fund
Dept
HR

General
General

Salaries & Benefits

$211,187

Budget
Adjustment
$25,606

Appropriation from GF Reserves

($649,399)

($25,606)

($675,005)

$0

$1,598

$1,598

($647,801)

($1,598)

($649,399)

$89,000

($5,237)

$83,763

$142,869

($2,857)

$140,012

($3,375,147)

$8,094

($3,367,053)

Project

Fac Maint

Account

Equipment Leases

General

Appropriation from GF Reserves (R&R)

SW Improvements

Vehicles & Equipment

Cap Projects

Vehicles & Equipment

DST

Appropriation from DST Reserves

General

Prior Budget

Fac Maint

R&M Buildings

Amended Budget
$236,793

$91,500

$9,500

$101,000

($638,301)

($9,500)

($647,801)

General

Appropriation from GF Reserves (R&R)

General

R&M Park Facilities

$24,348

$3,915

$28,263

General

Appropriation from GF Reserves (R&R)

($634,386)

($3,915)

($638,301)

Drainage

$996,728

$87,690

$1,084,418

($3,287,457)

($87,690)

($3,375,147)

$52,114

$29,313

$81,427

Appropriation from Reserves

($159,869)

($29,213)

($189,082)

FDACS Grant Revenue

($50,000)

$29,984

($20,016)

$62,500

($37,417)

$25,083

($641,819)

$7,433

($634,386)

SW Improvements

Gardenia Ditch

DST

Appropriation from DST Reserves

Golf Course

R&M Irrigation Systems

Golf Course
Cap Improv

Tree Canopy Survey

Cap Improv

Other Contractual Services

General

Appropriation from GF Reserves

Building

Building Dept Expansion Design

Building
General

City Clerk

General

Other Contractual Services

$92,381

$91,910

$184,291

Appropriation from Reserves

($478,493)

($91,910)

($570,403)

Salaries & Benefits

$196,693

$120,896

$317,589

Appropriation from Reserves

($520,923)

($120,896)

($641,819)

R & R Fund Balance (Used)
Unreserved Fund Balance Increased (Decrease)

($15,013)
($247,878)

Net Increase (Decrease) to Reserves/Fund Balance:

($262,891)

6/30/2026

Council Approval
Date
Pending

6/26/2026

Pending

Portable AC rental

6/15/2026

Pending

Adjustments to close out projects

6/11/2026

Pending

PD AC Repair

6/11/2026

Pending

Splash Pad new pump

5/14/2026

5/13/2026

Project Change Orders - Road Xing Riviera Dr

5/14/2026

5/13/2026

Irrigation system repairs

5/13/2026

Pending

Adjustments to close out project

4/23/2026

Pending

Fund design plans from reserves

4/10/2026

4/14/2026

Employee Final Payouts

Entry Date

Reason for Adjustment
Employee Final Payouts

Note: The Appropriation from Reserves account is a reduction of the Reserves/Fund Balance accounts.

ADJUSTMENTS NOT AFFECTING FUND BALANCES / RESERVES
(SIGNIFICANT LINE ITEM ADJUSTMENTS WITHIN FUNDS)

Fund

Gen Fund
Dept

CRA
CRA
Cap Projects
Cap Projects
CRA
CRA
General
General

Police

Project

Contributions & Donations
Road Materials and Supplies
Contributions & Donations
Other Human Services
Consultants

$0
$26,880
($25,000)
$25,000
$50,000

Budget
Adjustment
($25,875)
$25,875
($25,000)
$25,000
($22,880)

Road Materials and Supplies
Salaries & Wages
R&M Office Equipment

$4,000
$678,250
$13,115

$22,880
($13,845)
$13,845

Account

Prior Budget

Amended Budget
($25,875)
$52,755
($50,000)
$50,000
$27,120
$26,880
$664,405
$26,960

Entry Date
5/26/2026

Manager Approval
Reason for Adjustment
Date
6/1/2026
IRC reimb for damages to patterned pavement

5/26/2026

5/26/2026

Add Waste Management Donation

4/30/2026

4/30/2026

Adjust for crosswalk repairs

4/17/2026

4/17/2026

Adjust to purchase Essential Personnel Software