OrdinanceWatch

County: Clay   City: Green Cove Springs

Date Created: 03/27/26
Last updated:03/27/26

Green Cove Springs, FL to Discuss Rate Analysis Report on Solid Waste Enterprise Fund
The purpose of this report is to present the current financial condition of the Solid Waste Enterprise Fund, outline operational changes and challenges, and provide rate structure options with a staff recommendation for Fiscal Year 2026–2027. The Solid Waste Enterprise Fund is currently operating with a negative fund balance and is the only enterprise fund within the City in this position. The Fiscal Year 2024 audit identified an unrestricted fund balance deficiency of ($423,569). To maintain required debt coverage at the end of Fiscal Year 2024, the Solid Waste Fund borrowed $54,628 from the General Fund which worsened the negative net position. The unrestricted fund balance at end of Fiscal Year 2025 is expected to be approximately a negative $450,000, moving further into the red. It should also be noted that, unlike the Electric, Water, and Wastewater Enterprise Funds, the Solid Waste Fund does not generate or transfer a Payment in Lieu of Taxes (PILOT) to the General Fund. While a PILOT has not historically been implemented for this fund, it remains a consideration as a City-owned enterprise operation.

Issue History

03/27/26  The Council will discuss the item at the 3/31/26 Special Session.

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