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Pineville reports $821,007.65 ending balance; sales tax up about $294,000
Summary
City finance staff reported an ending general-fund balance of $821,007.65 and a roughly $294,000 increase in sales-tax collections for April, while warning that higher fuel prices could dampen future retail sales tax revenue.
City finance staff on May 12 reported a modestly improved financial position and a strong sales-tax month for Pineville.
David Humphreys read the city's financial report, saying the beginning balance was $737,550, deposits totaled $3,318,201, withdrawals were $3,233,985, and the ending balance was $821,007.65. He told the council that sales-tax collections were up about $294,000 for April and that year-to-date collections are roughly 1.45% higher than the previous year.
Humphreys cautioned that higher fuel prices do not generate sales tax and could reduce taxable retail spending as residents spend more on fuel and less in local stores. When asked whether the sales-tax uptick reflected new businesses, he said it could be a combination of new businesses and seasonal retail activity.
Council members thanked Humphreys for a conservative approach to budgeting. The mayor encouraged residents to shop locally, citing new and growing retailers in Pineville that helped the positive sales-tax month.
The finance committee will meet June 8 at 5:30 p.m. in council chambers to continue budget meetings and department reviews. The official minutes will contain the formal financial report and any additional detail requested by the committee.
