The City’s annual budget is about $20 million, a reasonable size for a population of 15,000. The budget process, internal controls, reporting, and management are excellent, achieving its goals each year within 1% or 2%. Our cash position is just under $10 million, our debt below that. We enjoy a good credit rating. The City is financially strong, but this is only a small part of the story.
The City owns and runs five businesses, or Enterprise Funds: Vero Electric, the Vero Regional Airport, Sewer and Water Plant, Solid Waste, and City Marina. Combined, their annual budgets are about six times the size of the City, or some $120 million, making the City’s combined annual revenue close to $140 million. This is comparable to some counties, is a complex set of responsibilities, but one that all municipality would like.
This puts a significant responsibility on the City Manager and the City Council to run both the City and the Enterprise Funds. luckily, Vero has good management in each of its enterprises.
Vote Randy Old for Vero Beach City Council!