The key financial highlights from January 1, 2021 through December 31, 2022 include the following:
General Fund
· Total revenues totaling $250 million are 26.8%, or $52.8 million, above target.
· Property tax is 0.4%, or $186,000, above target.
· Sales & use taxes are 75.7%, or $97.3 million, above target primarily due to the high level of development activity. This includes retail sales tax, criminal justice sales tax, and use tax.
Ongoing retail sales tax is 27.3%, or $13.0 million, above target. One-time retail sales tax, which primarily relates to construction, is $34.7 million through December 31, 2022.
· Utility & other taxes are 10.3%, or $2.2 million, above target primarily due to an electric and gas utility tax spike.
· License & permit fees are 38.2%, or $8.4 million, above target primarily due to the high level of development activity.
· Total expenditures are 2.5%, or $6.1 million. In year 2022, the personnel cost is over the target due COLA at 5%, overtime cost increase for Fire due to vacancies because of vaccination mandate, retirement payouts, rate increases after unions contract negotiations.
Other Funds · Recreation Activity Fund: Total revenues are 51.1%, or $1.1 million, above target primarily due to increase in both indoor and outdoor recreation programs, field rentals, and donations. · Water/Wastewater M&O Fund: Total revenues are 5.0%, or $3.8 million, more than total expenditures. Commercial water consumption is 2.9% below target.
· Capital Investment Program: Total expenditures are 71.3% of budget at the 100% point of the 2021-2022 biennium.
-- Source: Business Meeting memo of 4/18/2022
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