Elk Grove - Growth puts Elk Grove in the black - sacbee.com
Elk Grove - Growth puts Elk Grove in the black - sacbee.com: "Growth puts Elk Grove in the black The city's general fund is $2 million above budget for fiscal year. By Loretta Kalb -- Bee Staff Writer Published 2:15 am PST Sunday, February 20, 2005 Strong housing growth and consumer spending helped propel Elk Grove's general fund revenues $2 million above budget for the current fiscal year, city finance executives said last week. Sales and use tax revenues that were forecast at $11.2 million, for example, will instead exceed $11.8 million this fiscal year, Elk Grove Finance Director Joe Chinn said. That $11.8 million represents 1 percent of taxable purchases in Elk Grove through June 30, the end of the 2004-05 fiscal budget, now about $48 million. Another $550,000 more than forecast is arriving in the form of utility user's taxes, Chinn said, bringing those fiscal year's revenues to $2.6 million. The added $2 million, also generated from more building permit fees, personal property taxes and other revenue sources, comes as many other California cities struggle to stay in the black. The local largesse is due partly to the rapid pace of construction in Elk Grove and the first full budget year since the Dec. 15, 2003, annexation of Laguna West. Expenditures will be $1.2 million higher than expected, too, netting the city $775,000 in added funds. Most of that will be available as a general fund reserve in times of 'economic uncertainty,' Les Tyler, the city's administrative services director, told City Council members meeting Wednesday night. The council adopted the budget changes and said the added funds will allow them to provide community groups more money. 'Right now, we have a ... surplus,' Councilman Rick Soares"
posted by Chris Lombardo @ 2/21/2005 12:02:00 AM
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