City projects $1.4 million surplus for 2014

With one month left of sales tax reports for the year, Jefferson City revenues are expected to exceed projections by more than $1 million for the 2014 fiscal year.

At the Finance Committee meeting Thursday, Finance Director Bill Betts reported November receipts, which reflect the September reporting period for sales tax, came in above projections in two sales categories, with the 1 percent general sales tax coming in below projections.

But even with the November receipts falling slightly behind - roughly $26,000 below projections - the 1 percent general sales tax is about $363,000 above projections for the year to date. The increase in sales tax revenue, along with a large surplus in franchise and utility tax revenue, has the city's revenue forecast model predicting an overall revenue surplus of $1.46 million for the 2014 fiscal year.

Though the city's 2015 fiscal year began Nov. 1, revenues for 2014 won't be known until after the receipts for the October reporting period are received next month.

The half-cent capital improvements tax came in about $55,000 above projections in November receipts and is $192,000 above projections for the year to date.

The half-cent parks sales tax come in about $700 above projections and is roughly $169,000 above projections for the year to date.

"In all categories for sales tax, we're looking good," Betts said.

In other business, Diane Gillespie, executive director of the Jefferson City Convention and Visitors Bureau, presented the proposed 2015 budget for the CVB.

The overall budget for the CVB shows a 2.47 percent increase from 2014, with 2015 revenues projected to be $801,309. Ticket sales for the tours of the Missouri State Penitentiary are projected to bring in $226,000 alone, though it was noted ticket sales for 2014 have exceeded projections by nearly $100,000.

Gillespie said the CVB is considering forming a committee to discuss what to do with the profits from the prison tours.

The proposed CVB budget also includes a 5.16 percent increase in salaries and wages, which Gillespie said did not represent across-the-board pay increases, but will provide funds to increase salaries for employees who began at entry level and have gained more responsibilities over time. CVB employees also are given performance goals, both individually and as a team, Gillespie said, and if the goals are met, a bonus is given.

She said the CVB also is considering a potential need for more staff for the prison tours.

The committee approved the budget, which will go to the full City Council for review.

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