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Olivette finance director: sales-tax dip shrank revenue mix, reserves will cushion shortfall
Summary
Finance Director Darren Mann told the Economic Development Commission the city faces a midyear revenue shortfall after a sharp sales-tax decline tied to a major tenant leaving; he said reserves and development activity should blunt immediate impacts but long-term adjustments will be needed.
Darren Mann, finance director for the City of Olivette, told the Economic Development Commission on Jan. 27 that the city is in an “adjustment year” after sales-tax receipts fell sharply following a major tenant vacancy.
Mann said the city prepares financial statements on both a cash and full-accrual basis and has received awards from the Government Finance Officers Association (GFOA) for its reporting. He said the city administered more than $2,000,000 in grants in the fiscal year and included one-time receipts such as ARPA and CARES Act allocations in recent years.
Mann warned the commission that sales taxes — the largest single component of the city’s revenue mix — fell after the Enterprise building vacated, and that the loss reduced sales-tax share of general-fund revenue from an elevated peak toward a historical norm. “When the Enterprise Building vacated, there was a major sales tax revenue source there,” Mann said.…
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