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Hickory reports $79.6 million budget, first-quarter revenue shortfall and $10M+ capital needs
Summary
Deputy City Manager and CFO Rodney Miller told Hickory City Council the city's $79.6 million general fund budget showed roughly $19.2 million in revenues through September, down from the prior year; council questioned reserves, water capacity planning and a $10 million-plus meter-replacement project.
Deputy City Manager and Chief Financial Officer Rodney Miller presented the City of Hickory's first-quarter financial report (July'Sept.) at the Nov. 18 council meeting, reporting a $79,600,000 annual general fund budget and about $19,200,000 in revenues to date.
"Our total budget, annual budget, you see there, revenues and expenditures total $79,600,000," Miller said. He told the council the city had received about $19,200,000 through September, slightly below comparable prior-year collections and reflecting a first-quarter shortfall compared with last year.
Miller outlined revenue drivers and pressures: sales tax receipts…
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