The City of Orlando is a Florida municipal corporation that was founded in 1875, and has an estimated population of 340,681 living within an area of approximately 138 square miles. The city is in the approximate center of the State of Florida and the four-county (Orange, Osceola, Seminole, Lake) Orlando-Kissimmee-Sanford Metropolitan Statistical Area (MA), which has an estimated population of 2.96 million. The city operates under a Charter adopted February 4. 1885, as amended. The city has a seven-member City Council comprised of the Mayor (elected at large) and six District Commissioners. The city provides the full range of governmental services, including police and fire protection; street construction and maintenance; solid waste management, sewer services; parks, recreation and cultural services; planning and development services; a variety of transportation and public infrastructure programs; and other traditional support activities. Included in the city's basic financial statements is the legally separate Downtown Development Board (DDB), which is reported separately (i.e., discretely presented). Although legally separate, because of the closeness of their relationship to the city, the Community Redevelopment Agency (CRA) and Downtown South Neighborhood Improvement District are reported as though they are part of the city (i.e., blended presentation).
What is an annual report to citizens?
This Annual Report to Citizens is Orlando's version of a Popular Annual Financial Report (PAR). The Government Finance Officers Association (GOA) recommends governments produce a PAR to provide a summarized overview of the city's financial position in a simplified format for the benefit of citizens and other interested parties. The information presented is extracted from the City's award-winning Annual Comprehensive Financial Report, which is a complete set of audited financial statements presented in accordance with accounting principles generally accepted in the United States of America, (GAAP). The Annual Report to Citizens is unaudited and not presented in GAAP format. This is not intended to replace the Annual Comprehensive Financial Report. For those interested in more detail, the City of Orlando's Annual Comprehensive Financial Report and other financial documents are available at orlando.gov/financialdocuments. The PAR is available to be viewed and downloaded at orlando.gov/pafr.
Achievements
The City of Orlando continues to be recognized for its financial reporting efforts. The GOA has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Orlando for its Annual Report to Citizens for the fiscal year ended September 30, 2024. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability, and reader appeal.
An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. The City of Orlando has received a Popular Award for the past seven years (fiscal years ended September 30, 2018, and 2019, 2020, 2021, 2022, 2023 and 2024). We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to the FOA to determine its eligibility for another award.
The City of Orlando was also awarded the Certificate of Achievement for Excellence in Financial Reporting for its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2024. This is the 47th consecutive year it has received the distinguished award.
On behalf of the Orlando City Council and staff, it is my pleasure to present to you the City of Orlando's Annual Report to Citizens (Report) for the fiscal year ended September 30, 2025.
Accountability and responsible stewardship are key components of the financial reporting process. This Report will provide you with a snapshot of the city's financial activities and achievements from the past year and is an illustration of our continued commitment to financial transparency.
We know that a strong partnership with you, our residents, is the best way to work through challenges and realize opportunity. With that in mind, as you review this report, please share any recommendations, concerns or questions you may have with our Office of Business and Financial Services at orlando.gov/obfs.
Sincerely,
Buddy Dyer
Mayor, City of Orlando
150th Birthday
The City of Orlando celebrated its 150th birthday on July 31, 2025.
98% Graduation Rate
Youth enrolled in Orlando Kidz Zones reached a 98% high school graduation rate in 2024–25, up 13% since 2020.
2.6 Million Brightline Passengers
Brightline carried 2.6 million passengers in its first year of service following the opening of its Orlando extension.
271.5 Solar Energy Capacity
OUC doubled its solar production after the opening of Harmony II and Storey Bend Energy Centers in 2025.
56.8 Million Airport Passengers
Orlando International Airport welcomed 56.8 million travelers this year.
Median Home Price: $385,000
Current median home sales price in Orlando.
Five Immersive Worlds at Epic Universe
Opened on May 22, 2025: Wizarding World of Harry Potter, Super Nintendo World, How to Train Your Dragon, Dark Universe, and Celestial Park. Orlando's first major theme park in 25 years.
AA1 / AA+ / AAA
Orlando's comparable rating for general obligation debt by rating agencies Moody's Investors Service, Standard & Poor's, and Fitch Ratings, respectively.
100,000+ Pounds of Recovered Fresh Produce
The Office of Sustainability and Resilience recovered more than 100,000 pounds of fresh produce from local farms and delivered to those in need.
Nine Michelin‑Starred Restaurants
Orlando now has a total of nine Michelin‑starred restaurants, turning Orlando into a foodie destination.
140 Years of OFD
The Orlando Fire Department celebrated its 140th anniversary on May 6, 2025.
Property Tax Revenue
Ad valorem property taxes are the city's largest source of revenue. The table below shows the total amount of tax collected in the last 5 years. Although the city's millage rate (dollars of tax per $1,000 of taxable value) has remained the same, assessed property values have increased, resulting in more property tax revenue being collected.
City of Orlando Milage Rates Last Five Years
| Fiscal Year ended September 30 |
Total Property Tax Revenue Collected |
City of Orlando Millage Rate |
| 2021 |
$238,347,489 |
6.6500 |
| 2022 |
$249,498,430 |
6.6500 |
| 2023 |
$248,198,792 |
6.6500 |
| 2024 |
$319,288,993 |
6.6500 |
| 2025 |
$342,089,466 |
6.6500 |
Ad Valorem Property Taxes
A tax based on the assessed value of an item, such as real estate or personal property.
Non-ad Valorem Revenues
Revenues not including property tax, such as the utilities service tax
WHERE DO PROPERTY TAXES GO?
The example below shows the total amount of property tax a resident would pay on a home with an assessed value of $378,000, and where those tax dollars go.
House
Assessed
Value |
Exemption |
Taxable
Value |
Taxing
Entity |
Millage
Rate |
Tax Percentage |
Taxes |
| $378,000.00 |
$25,000.00 |
$353,000.00 |
Public Schools |
6.4640 |
35.71% |
$2,281.79 |
| 378,000.00 |
50,000.00 |
328,000.00 |
City of Orlando |
6.6500 |
36.73% |
2,181.20 |
| 378,000.00 |
50,000.00 |
328,000.00 |
Orange County |
4.4347 |
24.50% |
1,454.58 |
| 378,000.00 |
50,000.00 |
328,000.00 |
Library |
0.3748 |
2.07% |
122.93 |
| 378,000.00 |
50,000.00 |
328,000.00 |
St. Johns Water Mgmt. |
0.1793 |
0.99% |
58.81 |
| |
|
|
Total: |
18.1028 |
100% |
$6,099.31 |
What is it and Why Do We Have One?
The city provides needed and desired government services to the public. In order to provide these services, the city must invest in the community by acquiring and constructing capital assets, such as buildings, infrastructure, roads, and parks. The capital improvement program is a road map, approved by City Council, which details and establishes the city's capital investment priorities and policies over the next five fiscal years.The capital improvement program is of major significance to the city. The benefits derived from the projects intersect with and impact the lives of the city's residents, businesses, and visitors through the provision of infrastructure that supports the health, safety, transportation, recreation, and cultural needs of our community.The following chart illustrates the FY2024/2025 Capital Budget by type of service:
| Type of Service |
Capital Improvement Budget 2024 |
% of Total |
| Water Reclamation |
$112,591,000 |
57.1% |
| Economic Development |
28,230,117 |
14.3% |
| Transportation |
19,170,000 |
9.7% |
| Stormwater |
10,550,000 |
5.4% |
| Public Safety |
8,092,000 |
4.1% |
| Recreation and Culture |
6,999,000 |
3.5% |
| General Government |
5,600,000 |
2.8% |
| Public Facilities |
5,085,000 |
2.6% |
| Community Infrastructure |
1,050,000 |
0.5% |
| Total |
$197,367,387 |
100% |
Capital Assets
Long-term investments in land, buildings, equipment, infrastructure or improvements.
Capital Budget
Funds budgeted to purchase or construct buildings, equipment, infrastructure or improvements.
The city's statement of net position is a snapshot of its financial position. It presents all of the city's assets and deferred outflows and liabilities and deferred inflows. The difference between assets and deferred outflows and liabilities and deferred inflows is known as net position. The change in net position from year to year serves as an indicator of the results of the city's operations and financial position. For the fiscal year ended September 30, 2025, the city's net position is $2.9 billion. This is an increase of $215.5 million over Fiscal Year 2024. Normal activities that impact net position are: the net results of activities, borrowing for capital, spending borrowed proceeds on new capital, spending of non-borrowed current assets on capital, principal payments on debt, and reduction of capital assets through depreciation.
In governmental activities, fiscal year 2025 revenues increased by less than the increase in expenditures, resulting in excess of revenue over expenditures of $6.2 million in fiscal year 2025, compared to $92.0 million in prior year. This was offset by a net increase of $12.4 million in other financing sources and uses, mostly attributable to an increase in software subscription contracts of $27.9 million offset by a decrease in net transfers out of $6.8 million. In addition, long-term debt outstanding decreased by $5.5 million, primarily due to scheduled principal repayments.
In business-type activities, the increase in revenues was greater than the increase in expenses, resulting in an income before contributions and transfers of $4.7 million in 2025 compared to $17.0 million in 2024. This was offset by an increase in grants, contributions and transfers in of $22.3 million. In addition, long term debt outstanding increased by $549.5 million, primarily due to the issuance of new bonds for Orlando Venues and Water Reclamation. See glossary for definitions of key terms.
Condensed Statement of Net Position
| |
FY2021 |
FY2022 |
FY2023 |
FY2024 |
FY2025 |
Change
2025 vs 2024 |
Current and
Other Assets |
$1,594,916,173 |
$1,404,198,143 |
$1,527,137,619 |
$1,663,758,210 |
$2,317,070,582
|
$653,312,372 |
| Capital Assets |
2,539,758,200 |
2,620,371,907 |
2,654,379,784 |
2,696,397,784 |
2,847,957,195 |
151,559,411 |
Deferred
Outflows of
Resources |
187,533,378 |
161,752,559 |
368,867,817 |
275,706,768 |
195,452,701 |
(80,254,067) |
Total Assets
and Deferred
Outflows |
4,322,207,751 |
4,186,322,609 |
4,550,190,254 |
4,635,862,762 |
5,360,480,478 |
724,617,716 |
Current
Liabilities |
379,774,993
|
122,520,907 |
138,366,951 |
143,480,822 |
173,113,389 |
29,632,567 |
Long-Term
Liabilities |
1,695,083,248 |
1,445,171,130 |
1,733,010,775 |
1,636,226,427 |
2,110,197,003 |
473,970,576 |
Deferred
Inflows of
Resources |
47,034,442 |
237,524,041 |
141,318,104 |
114,303,790 |
119,783,735
|
5,479,945 |
Total Liabilities
and Deferred
Inflows |
2,121,892,683 |
1,805,762,830 |
2,012,695,830 |
1,894,011,039 |
2,403,094,127 |
509,083,088 |
| Net Position |
$2,200,315,068 |
$2,380,560,531 |
$2,537,494,424 |
$2,957,386,351 |
$2,957,386,351 |
$215,534,689 |
Condensed Statement of Activities
| |
FY2021 |
FY2022 |
FY2023 |
FY2024 |
FY2025 |
Change
2025 vs 2024 |
| Revenues |
$1,011,946,309 |
$1,158, 430,184 |
$1,227,517,969 |
$1,472,510,902 |
$1,472,510,902 |
$51,223,956 |
| Expenditures |
913,483,486 |
978,184,721 |
1,070,584,072 |
1,256,976,274 |
1,256,976,274
|
40,046,627 |
Change in Net
Position |
98,462,823 |
180,245,459 |
156,933,897 |
204,357,299 |
215,534,628 |
11,177,329 |
Net Position -
Beginning |
2,086,465,125 |
2,200,315,068 |
2,380,560,527 |
2,537,494,424 |
2,741,581,723 |
204,087,299 |
Prior Period
Adjustment |
15,387,120 |
- |
- |
- |
- |
- |
Net Position -
Ending |
$2,200,315,068 |
$2,380,560,531 |
$2,537,494,424 |
$2,741,581,723 |
$2,957,116,351 |
$204,087,299 |
*includes balance of loan to stormwater fund from internal service fund
The city is required to account for its finances using fund accounting. Fund accounting separates revenues and expenses into different funds or "buckets," based on the source of the revenue and its intended use. The largest"bucket" and chief operating fund of the city is the General Fund. Most of the city's revenues and expenses are accounted for here. General Fund revenues include property tax, licenses, permitting fees, utility taxes, state taxes, contributions such as revenue sharing, and service charges. General Fund expenses include police, fire, parks and recreation, business and financial services, transportation, economic development, and public works services. The table below provides a summary and comparison of General Fund revenues, expenses, transfers, and net change in fund balance.
The charts present expenditures by department and revenues by source for the General Fund for the Fiscal Year ended September 30, 2025. Total revenues increased $29.1 million compared to the same period last year. Property Tax was the largest source of revenue for the General Fund representing 44% of the total. Total expenditures increased by $81.2 million compared to the same period last year. Public Safety (police and fire services) was the largest expense for the General Fund, representing approximately 57% of total expenses. The changes are explained below.
Total General Fund revenues increased $29.0 million, or 3.9% compared to fiscal year 2024. Property Taxes increased by $22.8 million due to an increase in assessed property values from $49.8 billion to $53.1 billion.Sales tax revenue increased of $1.2 million because of continued economic growth in the tourism and hospitality industries. Contributions and Dividends from Orlando Utilities Commission increased $6.4 million consistent with amounts agreed to between OUC and the City. Investment income decreased $6.7 million primarily the result of the City's rate of return decreasing from 6.7% in fiscal year 2024, to 4.3% in fiscal year 2025.
This decrease was offset by and increase of $4.3 million in charges for services. General Fund expenditures increased by $81.2 million or over fiscal year 2024. Most of the increase is due to higher Public Safety (police and fire) expendi-tures, which were $39.6 million greater than in fiscal year 2024. Also contributing were an increase in capital outlay expenditures of $23.0 million, and a new agreement for the City to contribute to capital and operating costs of the Sunrail commuter rail. The 2025 subsidy to Sunrail was $12.8 million.
| |
2023 |
2024 |
2025 |
Change
(2025 vs 2024) |
| Revenues |
671,029,019 |
737,372,651 |
766,444,912 |
29,072,261 |
| Expenditures |
565,546,306 |
565,546,306 |
698,885,146 |
81,250,924 |
| Net Transfers in (Out) to Other Funds |
(92,247,441) |
(82,436,942) |
(81,904,069) |
532,873 |
| Issuance of Debt |
428,397 |
- |
- |
- |
| Subscription-Based IT Arrangements |
13,616,873 |
4,989,244 |
27,713,801 |
22,724,557 |
| Lease Financing |
- |
5,329,299 |
676,152 |
(4,653,147) |
| Change in Fund Balance |
27,280,542 |
47,620,030 |
14,045,650 |
(33,574,380) |
2025 General Fund Revenues By Source
2025 General Fund Expenses By Department
General Fund Revenues By Source (LAST THREE FISCAL YEARS)
(In Millions of Dollars)
General Fund Expenses By Department (LAST THREE FISCAL YEARS)
(In Millions of Dollars)
The City of Orlando primarily issues bonds to pay for large and long-lived capital assets such as parks, roads, water treatment plants, and buildings. Sometimes existing bonds are refunded with new bonds to achieve savings on interest costs.There are multiple benefits to paying for large and long-lived capital assets with debt. One benefit is that current and future users of the assets will share the cost through taxes or other charges that help pay the debt over time.
The city consistently achieves some of the highest bond ratings possible from the major ratings agencies Moody's, Standard & Poor's and Fitch. High bond ratings indicate that the city is financially strong, stable and able to repay its debt, which generally results in lower interest costs.
Government Activities
| Activities |
Purpose |
Payment Source |
Issued |
Outstanding |
Community
Redevelopment Agency |
Capital Projects and Dr.
Phillips Center for
the Performing Arts |
Tax Increment Revenues |
$147,121,000 |
$104,407,000 |
| Capital Improvement |
Public Safety, Neighborhood Improvement and
Capital Projects |
Non-ad Valorem Revenues |
$262,133,666 |
$200,765,011 |
Total Government
Debt |
|
|
$409,254,666 |
$305,172,011 |
Business Type Activities
| Activities |
Purpose |
Payment Source |
Issued |
Outstanding |
| Parking |
Parking Garage
Construction |
Parking Revenues |
$37,237,000 |
$33,202,000 |
| Orlando Venues |
Community Venues |
State Sales Tax and
Tourist Development
Tax |
780,011,000 |
717,281,000 |
| Water Reclamation |
Water Reclamation
Projects |
Water Reclamation
Revenues |
291,154,614 |
215,775,061 |
| Stormwater |
Stormwater Projects |
Stormwater Utility Revenues
|
16,653,564*
|
15,312,219 |
Total Business
Type Debt |
|
|
$1,125,056,178 |
$981,570,280 |
| Total City Debt |
|
|
$1,534,310,844 |
$1,286,742,2911 |
*Includes balance of loan to stormwater fund from internal service fund
Definitions
|
Government Activities
The city's basic services such as Police, Fire, Public Works and Families, Parks, and Recreation which are mostly funded by property tax, sales tax and franchise fees.
|
|
Bond Rating
A measure of financial strength that provides the ability to obtain low interest rates.
|
|
Business type Activities
City services that charge users based on the cost of providing the service.
|
|
Tourist Development Tax (TDT)
A tax on the amount paid by guests for short-term accommodation (less than 6 months). This 6% tax is collected by Orange County and Florida Statutes require the funds be used for designated tourism-related expenditures. The county contributes TDT revenue to the City of Orlando to support debt service payments on the outstanding TDT revenue bonds.
|
|
Government-Wide
The city as a whole.
|
Demographics and Economic Statistics (Last 10 Fiscal Years)
| Year |
City Population |
Orlando-Kissimmee-Sanford MSA Population |
City Personal Income (in thousands) |
Per Capita Personal Income |
Unemployment Rate |
| 2016 |
271,752 |
2,376,358 |
10,916,006 |
40,169 |
4.4% |
| 2017 |
279,789 |
2,437,975 |
11,605,648 |
41,480 |
3.2% |
| 2018 |
285,099 |
2,508,570 |
12,339,241 |
43,491 |
2.7% |
| 2019 |
291,800 |
2,585,614 |
13,176,521 |
45,156 |
2.8% |
| 2020 |
298,943 |
2,645,784 |
14,415,928 |
48,223 |
9.8% |
| 2021 |
314,506 |
2,741,997 |
16,700,989 |
53,102 |
4.4% |
| 2022 |
321,904 |
2,794,178 |
17,369,618 |
53,959 |
2.7% |
| 2023 |
326,988 |
2,833,746 |
18,891,405 |
57,774 |
3.1% |
| 2024 |
335,066 |
2,889,412 |
21,060,573 |
62,855 |
3.4% |
| 2025 |
340,681 |
2,961,947 |
- |
- |
4.1% |
Principal Employers
| Employer |
Type of Business |
Number of
Employees |
2024 Rank |
Percentage of Total
MSA Employment |
| Walt Disney World |
Leisure and Hospitality |
75,000 |
1 |
4.78 |
| Advent Health |
Healthcare |
37,672 |
2 |
2.45 |
| Universal Orlando Resort |
Leisure and Hospitality |
26,800 |
3 |
1.74 |
| Orlando Health |
Healthcare |
24,978 |
4 |
1.62 |
| Lockheed Martin Corp. |
Aerospace/Defense |
14,000 |
5 |
0.91 |
| University of Central Florida |
Education |
13,004 |
6 |
0.84 |
| Seaworld Parks and Entertainment |
Leisure and Hospitality |
5,192 |
7 |
0.34 |
| Darden Restaurants Inc. |
Restaurants |
5,127 |
8 |
0.33 |
| Valencia College |
Education |
4,970 |
9 |
0.32 |
| HCA Health Care |
Healthcare |
4,831 |
10 |
0.31 |
| Other Employers |
Various |
1,327,760 |
|
86.27 |
| Total |
|
1,539,334 |
|
100.00 |
Source: Orlando Business Journal and Metro Orlando Economic Development Commission.
Note: Includes the four counties in the Orlando-Kissimmee-Sanford Metropolitan Statistical Area (MSA), Orange, Seminole, Osceola and Lake
Current and Other Assets
Assets such as cash, investments, receivables and inventory that can be converted to cash within one year.
Current Liabilities
Debts that can be paid off in one year or less, such as accounts payable and accrued payroll.
Deferred Inflows of Resources
An acquisition of net position by the government that is applicable to a future reporting period.
Deferred Outflows of Resources
A consumption of net position by the government that is applicable to a future reporting period.
Expenses/Expenditures
Money spent or costs incurred through the city's operations.
Fund
A self-balancing set of accounts which are segregated for specific activities or objectives. Funds are often referred to as "buckets."
Fund Balance
The difference between assets and deferred outflow of resources and liabilities and deferred inflow of resources of a fund.
General Fund
The chief operating fund of the city.
Government Finance Officers Association (GFOA)
Organization which represents public finance officials and promotes excellence in public finance by providing best practice guidance, recognition programs, research and training.
Long-Term Liabilities
Represents mainly debt obligations of the city.
Millage Rate
Dollars of tax per $1,000 of taxable value.
Net Position
The difference between assets and deferred outflow of resources and liabilities and deferred inflow of resources for the city as a whole.
Prior Period Adjustment
The correction of an error or retroactive application of a new accounting rule.
Revenues
Income from taxes and charges to individuals who purchase, use, or benefit from goods or services.
Subscription-Based Information Technology Arrangement (SBITA)
A contract that conveys control of the right to use another party's information technology software as specified in a contract, for a period of time. A new governmental accounting standard in effect for fiscal year 2023 requires these to be recorded as an asset and a liability rather than as an expenditure of the period as in prior years.