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Finance director reports stronger-than-expected sales and hotel revenues; fund balances remain healthy
Summary
Finance staff told the committee that local option sales tax receipts in March were more than $100,000 above the prior year month and year-to-date local receipts are roughly 4% higher than the prior fiscal year; hotel‑motel and several funds are also performing above budget, and staff will present revised fund-balance reporting showing encumbrances.
Hendersonville’s finance director reported on April 28 that several revenue streams are running ahead of expectations, giving the city more flexibility for year‑end planning.
Tamar Hall told the Finance Committee local option sales tax receipts for March were more than $100,000 higher than the same month in the prior year, and that year‑to‑date local receipts were roughly 4% above the prior fiscal year. Hall said state‑shared sales tax receipts were about 3.6% higher year‑over‑year for the current reporting period. “It’s looking good,” Hall said of…
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