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Council hears May financial report: sales tax up year-to-date but long-term projections show pressure on reserves
Summary
City staff told the Arlington City Council workshop that May sales tax is 4% higher year-to-date but long-term projections expect faster growth; the general fund balance is about $7.4 million, the streets fund is below one month of operating expenses, and the 2024 audit is underway.
Arlington City Council workshop — City staff reported that May sales tax was up 4% year-to-date but that the city remains below long-term budget projections and may need policy action to preserve reserves.
The finance presentation noted that retail sales remain about 1% behind last year, while construction, wholesale and information sectors are driving the current growth. "Even though our revenue is up 44% from this time last year, our long term financial plans have been projecting a 6% growth year over year," Finance staff member Deepa said, summarizing the…
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