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July 20, 2012

City revenue continues to exceed expectations

Brian Smith CNHI

WEATHERFORD — Weatherford officials continued to see collected revenue exceed expenditures through the month of June, in part due to strong sales tax numbers.

Ending June 30, the city had received $19,987,003 in revenue, or about 81 percent of the budgeted total while having spent $18,815,615, or about 69 percent of the budget with three months left in the fiscal year, which ends Sept. 30.

Office of Management and Budget Director Chad Janicek said part of the reason was for an increase in the amount of property taxes collected. Janicek said the city is normally conservative and expects to collect somewhere around 96 percent of taxes owed each year. Weatherford officials have so far collected 101 percent of what was budgeted, or about $37,000 more than what was budgeted for the whole fiscal year.

“Most of our property taxes come in at the beginning of the fiscal year, so that will tighten up as the end of the year approaches,” Janicek said.

Still, the number is expected to approach 3 percent over budget at the end of the year, according to a staff report.

Other parts of the revenue are significantly down from what was budgeted, however. So far, year to date revenue from licenses is only 55 percent of budget, or about $225,000 short. Collections from fines and forfeitures are at 54 percent of what was budgeted, or about $332,000 short.

Sales tax numbers are strong, Janicek said. The city has collected $7,190,572 in sales tax monies, or 83 percent of the budgeted amount with still three months left in the budget year.

“We’ve had no new major retailers this year, but some of our major retailers are seeing increases of 14 or 15 percent,” Janicek said. “That’s a good thing as sales tax represents about 40 percent of our budgeted revenue.”

Sales tax revenue is so volatile depending on the economy and how the public feels about it. According to a staff report, end of year collections are projected at 3 percent over budget, although if monthly collections continue at “record” levels, the figure will be likely adjusted upward.

The city has spent roughly 69 percent of its budget with 75 percent of the budget year gone. The city expects to save about 2 percent when compared to the original budget.

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