City: Green Cove Springs
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Green Cove Springs, FL to Discuss Rate Analysis Report on Solid Waste Enterprise Fund
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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.
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