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Hampton projects $25.1 million recurring revenue increase for FY23, with $16.5M available for general use
Summary
Finance Director Carl Daughtry told the council recurring revenues are expected to rise by $25.1 million (6.9%) for fiscal 2023, with $16.5 million available for general appropriations and $8.6 million committed to schools and other dedications. Staff warned estimates may change pending the state budget.
Finance Director Carl Daughtry told the Hampton City Council the city's recurring revenues for fiscal year 2023 are forecast to increase by $25,100,000, or 6.9%, driven primarily by stronger real estate and personal property collections. "Our recurring revenues, those revenues that we expect to occur reoccur in the future to cover recurring expenditures, is increasing by 25,100,000 or 6.9%," Daughtry said during the council's work session.
Daughtry said $16.5 million of that increase is available for general appropriations and $8.6 million is already committed to specific purposes, including the school funding formula and dedicated lodging/meal-tax uses at the convention center. He cautioned that revenue projections remain subject to state action: staff are modeling several scenarios while the General Assembly finalizes its budget and will update council ahead of the manager's recommended budget release.
