Tampa's Fiscal Year 2025 focuses on enhancing quality of life through strategic investments in key community priorities.
Tampa's 2025 Budget: A Commitment to Community Values
Mayor Jane Castor on Thursday, July 18, presented the proposed Fiscal Year 2025 budget to the Tampa City Council, emphasizing the theme of "Community Values."
“This proposed budget reflects the shared beliefs and aspirations of our residents in building a Tampa of tomorrow that is prosperous, sustainable, and affordable,” said Mayor Jane Castor. “It reflects the priorities that residents in each Council district have told us every year.”
The budget focuses on five key strategies to Transform Tampa’s Tomorrow:
- Maintaining and improving infrastructure
- Strengthening services for residents
- Enhancing workforce development
- Improving housing affordability
- Focusing on sustainability and resilience
The Mayor acknowledged the financial challenges, noting that revenues and costs have risen equally over the last year. Higher interest rates have slowed growth in property tax revenue. Despite these challenges, the budget maintains current service levels without changing the property tax rate.
“Between 2019 and 2023 we saw a nearly 40% increase in cost for many of the goods and services that we purchase as a City,” noted Mayor Castor. “The good news: Tampa’s economy is strong. Our inflation is now a low 1.8%...I’m extremely proud of our staff for thinking creatively about how to accomplish more with less.”
Preliminary data from the City’s 2024 Community Values Survey reveals that more than 97% of residents trust their city government, with an overwhelming majority viewing Tampa as a great place to start a business and live.
The budget also addresses public safety, with funding for new and renovated fire stations and initiatives to reduce violent crime, housing, with the expansion of available services to help accelerate home ownership, and sustainability and resilience, with plans to install solar panels, transition some city fleets to electric vehicles, and address heat vulnerability.
"This budget represents our commitment to the community values that make Tampa one of the 'World’s Greatest Places,' according to TIME Magazine. By maintaining current service levels while strategically planning for the future, we will ensure a high quality of life for all Tampa residents,” said Mayor Castor.
The Mayor thanked City Council and community members for collaborating on the budget and urged support for the upcoming Hillsborough County Community Investment Tax (CIT) renewal in November, which she explained as being crucial for continuing Tampa's progress. Learn more about the CIT.