Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Santa Fe EDC reports stronger-than-expected sales tax, projects $3.79 million year-end fund balance
Summary
The Santa Fe Economic Development Corporation received its December 2024 finance report showing a positive net revenue position, sales tax receipts up 7.7% year over year and an estimated fund balance of $3,786,794; board members said year-end closeout figures will be finalized next month.
The Santa Fe Economic Development Corporation on Jan. 28 received a December 2024 finance report showing a net revenue over expenses of $4,211 and an estimated fund balance of $3,786,794.
Rudy O'Neil, speaking to the board during the monthly finance report, said sales-tax receipts for the second month of the fiscal year are 7.7% higher than the same period last year, representing roughly $83,000 above the amount projected at the start of the budget year. He told the board the current sales-tax budget was $1,074,400 and the projection had been revised to $1,157,341.
O'Neil said staff are still closing the year’s books and do not yet have a full set of finalized revenue and expense entries. He advised board members that complete financial statements and the balance sheet will be available next month when year-end closing is finished.
The board did not take further fiscal actions during the meeting; members asked follow-up questions and accepted the report for review.
The board indicated it will revisit finalized figures at the next meeting when staff provide closed-year statements.
