Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

Town’s budget will be a challenge

Developing budgets can be a daunting task even in the best of times.
However, Pulaski Town Manager John Hawley says it’s not going to be a pleasant experience this year and possibly not for several years to come.
Last night, Hawley and town Finance Director Sherry Boyd gave Pulaski Town Council a quick rundown on the positives and negatives of the revenue outlook for the town in advance of upcoming budget work sessions.
As part of the presentation, town council was provided with an analysis of current revenue collections six months into the fiscal year as they compare with revenue projections during the last budgeting period.
While some of the revenue collections are showing promise to exceed projections, Hawley noted that there are several areas where actual collections may fall short of projections.
On the positive side, he said the town already had collected nearly 78 percent of the $40,000 in revenue from delinquent real estate taxes for the 2008-09 fiscal year as of Dec. 31. The fiscal year runs from July 1, 2008 to June 30, 2009.
Occupancy taxes collected from businesses offering overnight stays appear to be increasing. Hawley indicated almost 59 percent of the $7,620 in projected occupancy tax revenue already has been collected.
“But it’s hard to say whether the increase we’ve seen over the last two years will continue,” he noted.
Hawley also pointed out that the town realized almost 38 percent more revenue from ticket sales for Pulaski Mariners baseball games than expected. Ticket sales had been projected at $17,500, but actually came in at just over $24,000.
Despite recent discussion of cuts in highway funding, Hawley said Virginia Department of Transportation reimbursements to the town for street maintenance actually has increased about 4 percent.
Boyd said areas the town might expect to see reductions in revenue include vehicle valuations, local sales tax, motor vehicle rental taxes, cigarette taxes, and Gatewood store and concession sales.
Councilman Joel Burchett Jr. asked whether some of the revenue losses could possibly be offset by savings in estimated gas expenses.
During the last budgeting session, fuel costs were estimated based on a price of $3.65 per gallon.
Hawley said the fact prices have fallen significantly of late should preserve some of the funds budgeted for fuel and, therefore, help offset other revenue losses. He did, however, note that prices have started to crawl back up over the last few weeks.
Hawley also presented the town council with a list of bills before the Virginia General Assembly that could have an impact on the upcoming budget, if they are passed.
One budget bill (commonly referred to as HB 599) would result in an $18,169 reduction in state funds to towns for law enforcement.
Hawley also noted that state aid to localities for public schools also may be reduced by as much as $2.3 million.

Comments

comments

Town’s budget will be a challenge

Developing budgets can be a daunting task even in the best of times.
However, Pulaski Town Manager John Hawley says it’s not going to be a pleasant experience this year and possibly not for several years to come.
Last night, Hawley and town Finance Director Sherry Boyd gave Pulaski Town Council a quick rundown on the positives and negatives of the revenue outlook for the town in advance of upcoming budget work sessions.
As part of the presentation, town council was provided with an analysis of current revenue collections six months into the fiscal year as they compare with revenue projections during the last budgeting period.
While some of the revenue collections are showing promise to exceed projections, Hawley noted that there are several areas where actual collections may fall short of projections.
On the positive side, he said the town already had collected nearly 78 percent of the $40,000 in revenue from delinquent real estate taxes for the 2008-09 fiscal year as of Dec. 31. The fiscal year runs from July 1, 2008 to June 30, 2009.
Occupancy taxes collected from businesses offering overnight stays appear to be increasing. Hawley indicated almost 59 percent of the $7,620 in projected occupancy tax revenue already has been collected.
“But it’s hard to say whether the increase we’ve seen over the last two years will continue,” he noted.
Hawley also pointed out that the town realized almost 38 percent more revenue from ticket sales for Pulaski Mariners baseball games than expected. Ticket sales had been projected at $17,500, but actually came in at just over $24,000.
Despite recent discussion of cuts in highway funding, Hawley said Virginia Department of Transportation reimbursements to the town for street maintenance actually has increased about 4 percent.
Boyd said areas the town might expect to see reductions in revenue include vehicle valuations, local sales tax, motor vehicle rental taxes, cigarette taxes, and Gatewood store and concession sales.
Councilman Joel Burchett Jr. asked whether some of the revenue losses could possibly be offset by savings in estimated gas expenses.
During the last budgeting session, fuel costs were estimated based on a price of $3.65 per gallon.
Hawley said the fact prices have fallen significantly of late should preserve some of the funds budgeted for fuel and, therefore, help offset other revenue losses. He did, however, note that prices have started to crawl back up over the last few weeks.
Hawley also presented the town council with a list of bills before the Virginia General Assembly that could have an impact on the upcoming budget, if they are passed.
One budget bill (commonly referred to as HB 599) would result in an $18,169 reduction in state funds to towns for law enforcement.
Hawley also noted that state aid to localities for public schools also may be reduced by as much as $2.3 million.

Comments

comments

You must be logged in to post a comment Login