...On September 29, the Tampa, FL (Aa1 stable) City Council passed a fiscal 2018 budget package that implemented the city's first property tax increase since 1989. The council raised the mill rate by 8.3% to $6.2076 per $1,000 of assessed value. The hike is credit positive for the city because it provides revenue to ease a significant gap in the city's passed $969.2 million budget. The tax increase took effect October 1. In addition to the tax increase, measures taken to balance Tampa's fiscal 2018 (ending September 30, 2018) budget include approximately $5 million in cuts, including $2.1 million slated for future debt service payments, and $1.1 million from spending on parks, transportation and facilities maintenance. City management has historically resorted to expenditure cuts to ease budgetary shortfalls. Recently, the city has relied heavily on reserves to support operations. Even with a decline in property tax revenues during the economic downturn, the city kept the mill rate steady...