The Palm Coast city government has released a report on the city’s finances for residents. The ‘Popular Annual Financial Report (PAFR)’, is an abbreviated version of Palm Coast’s annual financial audit.
“Our goal is to make it easy for our residents to see exactly how their City’s finances operate,” said Palm Coast Finance Director Helena Alves. “We are proud to provide clear, accurate, and accessible financial information, and we encourage everyone to take a look.”
The bulk of the PAFR is information already readily available to residents, such as the names of their elected and appointed leaders, demographic statistics, and general goals and values. Highlighted early in the report are four ‘pillars of priorities’: a strong resilient economy, safe & reliable services, civic engagement, and a sustainable environment & infrastructure.
Growing Asset Value
Then, the report highlights some of the city’s proclaimed accomplishments in FY 2025. These include expansions of Wastewater Treatment Plant 2, the city’s controversial future data center from Google and DC Blox, and resident participation in city events.
Over halfway into the PAFR, a summarized version of the city’s finances is presented. Palm Coast’s total asset value for 2025 is listed at $1,090,982,272, the first time the city has crossed over the $1 billion threshold in that regard. This includes current and other assets (cash, securities, receivables, inventory, and prepaid assets) and capital assets (land, buildings, equipment, improvements, infrastructure, and ongoing construction).
Revenue and Debt
The city generated $42.5 million in property taxes last, an increase of $4.4 million over the prior year. This represented a major portion of the city’s $276 million in total revenue. Palm Coast’s current total debt is $163,564,409. That number is up 0.07% from 2024, but down 5.98% from 2023.
Though the city’s utilities represent a large portion of its debt, the data presented in PAFR suggests it’s one of the city’s most profitable programs. For utility expenditures just shy of $60 million, the city reports bringing in over $120 million in revenue.
I wonder how many dollars each Palm Coast residents would get if the City of Palm Coast decertified as a municipal corporation and reverted back to just having county government, like they were before their forming on December 31,1999.