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Newcastle reports stronger-than-expected first-quarter revenues; council approves $107,000 service truck
Summary
City finance staff reported higher-than-budgeted revenues through April, driven by development permits and investment interest; the council unanimously approved a $107,000 purchase to replace a Public Works service vehicle.
City finance staff told the Newcastle City Council on May 20 that most revenue categories were above budget through April and that development-permit income and investment interest were particularly strong, improving the city’s near-term fiscal picture.
Director Chambers said permit revenue from the ongoing Alterra project and rising investment yields have pushed several revenue categories above budget through April. Chambers highlighted a plan on the consent agenda to enroll some funds in a separately managed account to “lock in the interest rates that we’re seeing…
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