City budget revenue up by $300k

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.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.
blog comments powered by Disqus

Read the Oct 26
Green Edition

Browse the print edition page by page, including stories and ads.

Browse the archives.

Friends to Follow

View All Updates