Record Manatee County Surplus for 2023

Just the other day, the Manatee Clerk reported a $294 million “change in net position” (which is another way of saying surplus) for fiscal year ending September 2023. This is on top of a $281 million surplus for fiscal 2022. The two surpluses in 2022 and 2023 represent all-time record highs in the history of Manatee County government and are an order of magnitude higher than the very large surpluses recorded between 2017 and 2021.

In 2023, revenues were up 18.1% and expenses were up 23.1%. The ’23 surplus equaled 86.4% of all property taxes collected leading a recent guest columnist in the Herald Tribune to ask the question, can property taxes be eliminated? Manatee County homeowners (including myself) who have just experienced 50% increases in auto and homeowner’s insurance would probably support this initiative.

But to be realistic, a radical proposal like eliminating property taxes is not going to fly immediately. However, more modest proposals like a substantial millage cut and/or a property tax credit against ’24 taxes could gain traction if for no other reason than the record surpluses and the fact that the five year average of county surpluses has now surpassed $200 million/year. Total unrestricted cash (which are funds that can be used for any County purpose) is $843.3 Million and has more than doubled since 2017.

It should also be pointed out that these surpluses( in the form of unrestricted cash) are no longer circulating within Manatee county’s economy, but rather sitting in short-term money market funds providing zero benefit to Manatee county’s economy or citizens. This is just plain hoarding and represents a consistent and ongoing failure on the part of the County Commission and County management to achieve a balanced budget as required by Florida statute.

Mike Meehan, CFA, MBA
Manatee County