City budget revenue up by $300k
By REPORTER STAFF
Mercer Island Reporter Staff
May 24, 2011 · 10:15 AM
With just a hint of relief and surprise, the City Council heard last Tuesday night that the city ended the first quarter of 2011 in excellent financial shape.
A report by city finance director Chip Corder showed that higher than forecast revenues exceeded general fund expenses by nearly $300,000. Corder says the city will not need to draw down reserves and that no revenue shortfall in the near term is expected.
The additional revenue came in several categories, including taxes from new construction, utility taxes and other fees.
Corder said that if this trend continues throughout the year, the city will not have to take its planned draw of $131,000 from the city’s contingency fund during the year.
Categories that contributed most to the increase in revenue included utility taxes that jumped 8 percent or $78,000.Contact Mercer Island Reporter Staff Reporter Staff at firstname.lastname@example.org.