Council gets revenue update
Even though Council has recently adopted a budget for the fiscal year that begins on July 1, there is never a time when the city’s finances are not in the public eye. Interim City Manager Michael C. Rogers briefed Council this week on the state of revenue collection for the current fiscal year that ends on June 30.
“So far this year we have currently collected 66.93 percent of our budgeted revenue and we remain on track to collect more than the adopted revenue budget of $192,212,843,” Rogers said.
The next tax bills are due on June 6 and will include the one cent real estate tax increase adopted by Council earlier this month. Tax rates go with the calendar year, not the fiscal year. That means a budget surplus is almost certain.
“While we discussed during the budget process that we would end up with $12 million more, what I’m seeing now based on that revision, it’s $13 million,” Rogers said.
Final decisions about how to use that funding will be made by Council later this year after the FY22 books are audited.
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