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Jefferson City sales taxes come in above projections

Jefferson City sales taxes have surged ahead with the city now projecting an end-of-the-year surplus of more than $800,000.

At the Finance Committee meeting Thursday, interim Finance Director Bill Betts reported July receipts, which reflect the May reporting period for sales tax, came in above projections for all three sales tax categories.

“We were up, even to our surprise,” Betts said. “Looks like real good activity in the community.”

The 1 percent general sales tax came in more than $176,000 above projections, bringing the tax $220,450 above projections for the year-to-date.

The half-cent capital improvements tax came in about $110,000 above projections, putting the tax $76,096 above projections for the year-to-date.

The half-cent parks sales tax came in roughly $78,000 above projections, for a total of $99,150 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 $828,000 in surplus funds.

“Overall, I think we’re doing really well as far as revenues,” Betts said. “We’re very happy.”

Betts said the surplus in the franchise and utility taxes was thanks to very conservative budgeting, in addition to the city’s harsh winter. Committee members said they want to continue the conservative, “tight-fisted” budgeting in the coming process for the next fiscal year.

Betts also warned committee members of some potential supplemental appropriations that may be sought.

The police department’s ongoing homicide investigation of Christopher Cray, who has been missing and is believed to have been murdered in May, has caused the department to use quite a bit of overtime, Betts said.

Staff will try to cover the unexpected costs internally, but he said the council may be asked to approve a supplemental appropriation from the city’s fund balance to cover the costs.

All of the financial documents from this month’s Finance Committee meeting are available at www.jeffcitymo.org/finance/FinancialReports.html.

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