Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Finance director: preliminary fiscal-year results show surplus; sales tax collections remain strong
Summary
Preliminary fourth-quarter results indicate the town expects a surplus for the fiscal year, driven in part by strong sales-tax receipts; auditors have begun the fiscal-year audit.
Garner’s finance director presented a preliminary fourth-quarter financial report showing the town is likely to end the fiscal year with a surplus and noting continued strength in sales-tax collections.
Finance Director David Becker said the figures presented are preliminary because there are still transactions to record for the fiscal year ending June 30. "We should end up with a surplus for the fiscal year," Becker said, and he noted the town had received additional sales-tax revenue since the report was prepared.
Becker told council the town had been "really fortunate" with higher-than-anticipated sales-tax receipts compared with some neighboring jurisdictions that have seen declines. He said auditors have started their work and the final audited numbers will be available when the audit is complete.
Council members asked how large an impact remaining transactions might have on the revenue-over-expenditure number; Becker said it is "pretty hard to pinpoint" but that sales-tax accruals typically increase revenues more than expenditures at fiscal-year close. Unassigned fund balance treatment and final audit adjustments will be reflected in the audit report when available.
No council action was required; finance staff will continue to work with auditors before presenting final audited numbers.
