Tampa City Council will hold its first public hearing Tuesday on a proposed roughly $2 billion budget that was developed with the possibility of major property tax changes already in mind.

The proposed Fiscal Year 2027 budget is about $47 million larger than last year’s spending plan. But city officials have limited growth in the general fund as they prepare for Amendment 3, which would significantly cut property taxes and will go before Florida voters in November.

The biggest financial impacts would not hit until the following fiscal year, but Tampa officials say they have already taken steps to prepare. The proposed budget adds no new positions, increases general fund reserves and reduces the city’s five-year capital improvement plan.

“This is the world we prepared this budget in. Sustaining operations but with an eye toward pausing, reflecting and if necessary adapting to a much more hostile world when it comes to revenue,” Tampa Chief Financial Officer Dennis Rogero said.

The city estimates Amendment 3 could reduce Tampa’s property tax revenue by between $35 million and $40 million in Fiscal Year 2028. The projected annual loss grows to between $60 million and $65 million in Fiscal Year 2029 and between $71 million and $74 million by Fiscal Year 2032.

Amendment 3 would also restrict how remaining property tax revenue can be spent, leaving services such as parks and recreation more reliant on other sources of revenue.

“Will we cut positions? Will we cut services? I don’t know. Time will tell. These will be future mayor and city council decisions because they’ll be fiscal year 2028 impacts,” Rogero said.

If Amendment 3 fails, the administration says it will return to City Council with projects that could be added back using money currently being held in reserve.

RELATED: What is Amendment 3? Voters will decide on the 2026 Nov. ballot what happens to property taxes

Tuesday’s public hearing begins at 5 p.m., and members of the public will have an opportunity to comment on the proposed budget.

A second and final public hearing is scheduled for Sept. 22. The budget must be approved before Tampa’s new fiscal year begins Oct. 1.