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City of Columbia finances show solid improvement

General Fund balance is up over $400,000 from beginning fiscal year estimate
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By Ed Waggener

The City Council received encouraging news from City Clerk Rhonda Loy, who said in last night's regular meeting on June 6, 2016, that the financial situation is the best she can remember in a long time.

in most, but not all funds, there were substantial increases in estimated balances for the year. Increases from estimates were up in these funds:
  • General Fund estimated EOY balance up from $395,159. to $828,520.
  • Utilities estimated EOY balance up from $2,559,349.00 to $2,577,214.00
  • Estimates were the same for:
  • Municipal Aid Fund - $133,169.00
  • LGEA Fund - $34,925.00
  • Payroll Tax - $1,000.00
  • Estimates were down for ending balance for:
  • Garbage Fund - down from estimated $293,938.00 to $169,953.00
No estimate yet on ABC income

Mayor Hardwick said that the City is unable to estimate how much revenue will be made through taxes on Alcoholic Beverage Sales in Columbia, which are expected to begin later this month.

Insurance taxes, payroll taxes, are beating earlier estimates up

Licenses and permit revenues are beating earlier estimates. This income includes the insurance tax, first estimated at $794,200, but have been revised to $872,600. The Payroll Tax has been revised upward from $800,000 to $947,185.00.

The Council approved, unanimously, the first reading of an ordinance amending the City of Columbia Annual Budget for the Fiscal Year (07-01-2015) through (06-30-2016), by estimating revenues and resources and appropriating funds for the operation of City Government.

This story was posted on 2016-06-07 08:44:45
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