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Westfield reports small revenue dip, $600K road-impact gain and investment changes in June update
Summary
City finance staff told committee that year-to-date revenue is roughly 2% below last year, building permit fees are down about $98,000, the road impact fund is up about $600,000 and stormwater receipts increased about $300,000; a $2.5 million treasury matured and was reinvested at a lower yield.
At a City of Westfield committee meeting, finance staff reviewed June financials, reporting a modest year-to-date revenue decrease and several notable shifts across funds.
Finance staff reported that overall revenue for the year is "about 2% off the pace of last year," and identified the largest single negative variance as building permits, which were "down 98,000." The presenter also listed smaller declines in investment income (about $25,000), plan commission fees (about $7,000) and cigarette tax (about $5,000). The presenter said those amounts and timing differences…
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