City reports healthy finances despite sales tax drop
Halfway through the fiscal year which ends September 30, the City of Jacksboro has expended approximately 60 percent of its budget and has received 68 percent of its projected revenues for the general fund with 49 percent of the budgeted total expended and 45 percent of revenues received for the utility fund.
Jacksboro City Manager Mike Smith presented the second quarter financial report during the regular city council meeting Monday.
“We’re falling behind on sales tax and I suspect we’re probably going to fall a little bit short on sales tax based on the economy unless things turn around pretty drastically between now and then,” Smith said.
The council budgeted $830,000 in sales tax and year to date has received $340,306 or 41 percent.
The City has seen some unexpected revenue, Smith reported, which has made up for the shortfall in projected sales tax allocations.
By the end of the fiscal year, Smith said he will try to have an update on sales tax based on alcohol sales.
“When we start talking budget for next year, we can look at projections for what we think that will generate next year and put that money towards streets,” he said.
He added the only budget that is currently off balance is the administration department expenses due to the contractual management of the country club.
The line item containing those fees had $1,450 budgeted and is now at $59,925 actual year-to-date or 395 percent.
“We expected that and knew we were going to have to do a budget amendment at some time,” Smith explained. “Otherwise, we have a couple of departments that aren’t really out of whack, but we had some expenses we didn’t plan on, but we’re watching those really closely but I think for the most part, we’re doing really good at this time.”
To read the complete article, see the April 28 edition of the Herald-Gazette.