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Finance committee reports mixed revenue results through April; meals and lodging taxes lag budget
Summary
Lynchburg finance staff reported sales and use tax collections were $350,000 above budget through April for fiscal 2025, but meals tax and lodging tax are running below expectations by about $780,000 and $430,000 respectively.
Finance staff told the Lynchburg Finance Committee on June 24 that sales and use tax receipts through April were about $350,000 ahead of budget for fiscal year 2025, driven in part by sports tourism in April, while meals and lodging taxes remain below budget.
The presenter said sales and use tax collections were "slightly above what we expected for April" and that through April the city was about $350,000 ahead of budget for fiscal 2025. Utility tax for electricity was reported close to budget, running "very close to, in line with our budget through April at 80,000 $85,000 just above budget," the presenter said.
Staff reported meals tax collections were below the adopted budget by roughly $780,000 through April; the presenter noted May and graduations could improve those totals. Lodging tax receipts were reported about $67,000 below budget in April, leaving the city about $430,000 under budget for the year. Amusement tax was near budget, about $4,000 below.
When asked what the adopted meals-tax projection was, staff said the budgeted amount was $21,000,500 for the fiscal year and that collections through April were roughly $17,000,000.
Committee members thanked the finance team for their work during the budget season and noted continued monitoring of revenues will be important as the city closes the fiscal year.
The committee received the report and had no further action on the item; the finance committee's next regular meeting was set for Aug. 26 at 3 p.m.
