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Olivette finance director reports stable reserves, $450,000 TIF payment; sales tax still below expectations
Summary
Finance staff told the Olivette City Council that through February the city’s finances showed no major surprises, the county released property taxes and the city received $450,000 in Gateway TIF funds; sales tax receipts remain below initial budget expectations and the council discussed reserve-policy targets.
Finance Director Mr. Mann presented the city's fiscal picture through February and told the council there were no new surprises but noted two items of interest: sales tax revenue remains below earlier expectations, and the city received $450,000 in Gateway TIF payments.
"We did, receive $450,000 in TIF funds," Mann said, noting that the payment represents tax-increment financing…
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