City in good financial shape, manager says
By Barbara Arntsen
Published in News on January 20, 2005 2:16 PM
Goldsboro City Manager Richard Slozak gave the City Council a parting piece of good news before his retirement on Friday: The city is in great financial shape.
The six-month financial analysis, presented Tuesday by Slozak and Finance Director Richard Durham, showed an increase in projected revenues.
Revenues from the general fund were estimated to be $11.7 million, but were $12.5 million.
The general fund is the city's operating fund. Revenues come from property taxes, licenses and fees, and governmental transfers such as franchise taxes, the liquor tax, Powell Bill funds, federal and state grants.
Money from the fund covers transportation expenses, planning and redevelopment, public safety, environmental protection, cultural and recreational spending.
Collection rates for property taxes increased slightly, giving the city $211,354 more than expected in that area.
"The tax collection rate seems to be going up, but it's a little early to tell" Durham said. "There's usually a large collection at the beginning of January, so we can tell a little better by the end of February."
Delinquent vehicle tax collections were $15,000 more than anticipated and the sales tax revenue was $23,358 higher than projected.
The city's sale of old or obsolete equipment brought in $93,994 more than expected.
"This was unusual, and you won't see this income in the second part of the year," Slozak said. "But we didn't have an equipment sale last year, so people were willing to pay more in 2004."
Investment interest and golf course membership dues were lower than projected by a total of $9,000.
Durham deleted the $516,102 in revenues the city anticipated getting from an annexation, and he deleted the $574,878 annexation expenditures. The city is in the midst of a legal battle with the residents living in the proposed annexation area.
The city projected receiving $6 million in its utility fund, but received $6.7 million.
Slozak said that the majority of that money came from a payment from Fremont for sewer service from the city, and from money the city received after closing out a capital project.
Councilman Chuck Allen said that it looked like the council wouldn't have to dip into its fund balance, and Slozak agreed.
"This is a very good six-month analysis," Slozak said. "The city's revenue is in great shape."
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