With another month of city sales taxes exceeding expectations, Jefferson City is now projecting an end-of-the-year surplus of just under $1 million.
At the Finance Committee meeting Thursday, interim Finance Director Bill Betts reported August receipts, which reflect the June reporting period for sales tax, came in above projections for all three sales tax categories. Betts noted this is the second month in a row of receipts coming in above projections, which has not happened often.
"First time we've done that in a couple years," Betts said.
The 1 percent general sales tax came in more than $67,000 above projections, bringing the tax $288,146 above projections for the year to date.
The half-cent capital improvements tax came in about $25,000 above projections, putting the tax $101,452 above projections for the year to date.
The half-cent parks sales tax came in roughly $33,000 above projections, for a total of $132,759 above projections for the year to date.
With the increase in sales taxes, coupled with the large surpluses in franchise and utility taxes, the city's revenue forecast model is projecting the fiscal year to end with more than $991,000 in surplus funds.
The committee also briefly discussed the city's upcoming budget process, which has been delayed while officials await the outcome of state issues.
The city's budget process has traditionally started in late July, but the city opted to hold off this year while waiting for the results of the Aug. 5 primary, where the transportation sales tax failed, and the September veto session.
Fifth Ward Councilman and Committee Chair Ralph Bray asked City Administrator Steve Crowell if the mayor planned on holding off on presenting his draft budget until after the veto session, which begins Sept. 10. Crowell said that is the case and the council likely can anticipate seeing a draft 2015 budget by mid-September.
The city's budget must be approved by the council before the Nov. 1 start of the 2015 fiscal year.
All of the financial documents from this month's Finance Committee meeting are available at www.jeffcitymo.org/finance/FinancialReports.html.