We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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The city’s monthly financial report shows that sales tax accounts for just over 50 percent of the general fund budget and serves as the primary funding source for the general government. Monthly collections were 4.9 percent higher than projections.
Use tax also increased to $974,745 in April, compared with $713,714 in April 2011. Use tax collections are volatile because they are heavily reliant on building activity and vehicle sales, according to the report.
Property taxes increased slightly from $1.11 million in April 2011 to $1.17 million this year. Property taxes account for about 17 percent of the general fund and are remitted in two installments at the end of February and in mid-June.
Total revenue for the city in April was $8.9 million, 7.3 percent higher than expenses for the month, which totaled $8.3 million. Typically, revenues are higher than expenses in the first half of the year, the report said.