From the Comptroller’s Office…
The 2007 fiscal year ended June 30 revealing a $2.98 million general fund budget surplus. Comptroller Darlene Green attributed the surplus to some higher than estimated revenue source receipts and allocated funds left unspent by some city departments.
“We beat last year’s earnings tax receipts by 3.6 percent or $4.7 million,” said Green. “This really helped cover some revenue sources that were down from last year, like the amusement tax receipts.”
Other notable revenue sources that beat FY 06 returns were intergovernmental receipts that include gasoline and auto sales taxes and prisoner housing reimbursements (up $5.0 million or 21.2%); hotel and restaurant tax (up $588,000 or 5.1%); and sales tax (up $1.4 million or 3.0%). Property tax receipts were also up 8.3 percent, but that was attributed mostly to an increase in delinquent tax payments.
City Budget Director Paul Payne agrees that the 2007 fiscal year surplus is a welcome change over past years.
“The surplus, while modest, is a positive development. It says good things about the city’s economic growth, which along with continued vigilance on spending, are the keys for ensuring future budgets can meet the city’s needs,” said Payne.
The year end results cited above are unaudited and represent preliminary calculations. The official, audited results will be published later this year in the city’s Comprehensive Annual Financial Report.
This report will be available online at www.stlouis.missouri.org/citygov/comptroller when it is completed.
