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Olivette finance director: sales taxes lag while $450,000 in Gateway TIF funds received
Summary
Finance Director Mann told the council that sales taxes remain below expectations through February, property taxes have caught up, and the city received $450,000 in Gateway TIF funds; council discussed the 50% reserve policy and possible reevaluation.
The Olivette finance director presented the city’s fiscal-year financials through February at the March 25 meeting, reporting sales tax receipts remain below the level expected at the start of the fiscal year while property-tax receipts have largely caught up.
"We did receive $450,000 in TIF funds," the finance director said, noting that the payment represents tax-increment funds…
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