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Woodlawn finance update: September income tax collections and year-to-date budget metrics

Village of Woodlawn Council · October 30, 2024

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Summary

Finance committee reported $811,145 in September income tax collections and distributed amounts across the general fund, road tax, debt and capital projects; staff said year-to-date receipts are tracking ahead of budget while expenditures remain below appropriations.

Woodlawn — The Village of Woodlawn finance committee reported income-tax collections and budget metrics at the council meeting.

Committee members said the village collected $811,145 in income tax for September; funds were distributed as follows in committee remarks: general fund $646,095; road tax $105,008; debt $38,088; capital projects $21,001.60. Committee members also reported $5,111,461 collected since the program’s 2019 inception.

The finance director reviewed year-to-date metrics as of Sept. 30: the village is about 75% through the fiscal year, had collected 67% of budgeted revenues across all funds and 78% of budgeted general fund receipts, while expending 52% of appropriations for all funds. The receipts and disbursements report for September showed disbursements of $1,028,008.61, and the packet included bank reconciliations and fund-balance details for council review.

Council approved receipt and payment listings and the bank reconciliation during the meeting. Finance staff said overtime for September totaled $31,007.22 and that salary expenses have increased compared with 2023.