The city of St. Petersburg's financing strategies offer numerous benefits.  St. Petersburg presently operates with a $648 million dollar budget and has lowered its property tax millage rate during the past 5 years resulting in the lowest rate in 20 years.  As the city develops its annual budget, there are several strategies integrated to make the city fiscally stronger:

• Develop a budget based on sustainable recurring revenues, instead of relying on a high growth rate in ad valorem taxes and other construction revenues to support increased service levels;

• Build reserves for future contingencies by using non-sustainable revenues to build reserves for natural catastrophes or economic downturns;

• Provide services in the most efficient manner possible by controlling increases in personnel and maximizing use of existing resources.  St. Petersburg is continually improving operations to ensure it delivers services effectively and efficiently.

Penny for Pinellas
The primary source of revenue for general government projects such as streets and roadways, parks, and other cultural capital projects is a local option sales-tax surcharge commonly known as "Penny for Pinellas."  Two of the four program areas greatly contribute to neighborhood infrastructure improvements, and recreation and culture capital improvements.  Many “Penney” projects generate funds for public art through the Per Cent for Art program.  Approved by county voters in 1989, this program has generated over $300 million in new capital projects that have improved St. Petersburg's parks, roads, and cultural facilities – providing further incentive for creative class businesses and individuals to locate in our city.

State Financial Incentives
Created by the Florida Legislature in 2006, the Innovation Incentive Program provides $200
million to assist in the creation of hubs of innovation that will yield high-wage jobs (at least 130% of average wage) to the state, and yield a significant return for taxpayers in the long term.

Qualified Target Industry (QTI) Tax Refund
The Qualified Target Industry Tax Refund on previously paid taxes is available to companies that create high-wage jobs in targeted high value-added industries.  The state pays 80 percent and the local community pays 20 percent of the total tax refund of up to $5,000 per job created (the refunds could be higher in certain designated distressed areas).  Each QTI business must comply with contracted job creation schedules and wage levels before any refunds are paid, or risk dismissal from the program; exemptions are permitted in exceptional circumstances, such as when a business is negatively affected by a named hurricane or tropical storm.

Urban Incentives
Businesses located in one of Florida’s 28 urban Enterprise Zones may be eligible, under certain circumstances, for credits on sales and use or corporate income taxes.  Tax credits may also be available for donations made to local community development programs and to businesses that elect to locate or expand in designated brownfields areas.

Capital Investment Tax Credit (CITC)
The Capital Investment Tax Credit (CITC), an annual credit against the corporate income tax provided for up to 20 years, is used to attract and grow capital-intensive industries in Florida.  Eligible projects are those in designated high-impact segments of the biomedical technology, financial services, information technology, and silicon technology and transportation equipment manufacturing sectors.  Projects must also create a minimum of 100 jobs and invest at least $25 million in eligible capital costs.

High Impact Performance Incentive Grant (HIPI)
The High Impact Performance Incentive (HIPI) is a negotiated grant used to attract and grow major high-impact facilities in Florida.  To qualify, the project must be in designated high-impact portions of the biomedical technology, financial services, silicon technology and transportation equipment manufacturing sectors.  The project must create at least 100 new full-time equivalent jobs (75 if an R&D facility) and make an investment of at least $100 million ($75 million if an R&D facility) within three years.

Florida High Tech Corridor Council Matching Grants Research Program
As a reminder, the Florida High Tech Corridor Council (FHTCC) implements a Matching Grants Research Program in order to encourage research efforts within its 23-county region.  This program is available to any company within the region conducting research to advance the high-tech industry.  Companies interested in this opportunity must apply through one of the Corridor’s three partner universities and provide at least a 2-to-1 funding (cash or in-kind) match.