Before running for council in 2009 I spent time going over city budgets to familiarize myself with what U-Heights financial history was. I noted during that campaign we ran a $39,000 deficit in the year ending June 30, 2009, but was able to cover that with carryover.In July 2009 we started receiving Local Option Sales Tax (LOST) money. That money seems to be hard to track since it is considered general revenue and resides in the general fund of our budget. Below is a snapshot at year end of our last 4 budgets. Two budgets without LOST, two with:
Budget Category
|
6/30/2008
|
6/30/2009
|
6/30/2010
|
6/30/2011
|
Total Income (minus LOST)
|
668,511.91
|
703,523.24
|
838,780.24
|
1,130,333.03
|
Total Expense
|
858,864.18
|
742,664.64
|
853684.96
|
1,221,674.74
|
Net Ordinary Income
|
-190,352.27
|
-39,141.40
|
-14,904.72
|
-91,341.71
|
Other Income/Expense
| ||||
Sale of General Obligation Bond
|
240,000.00
| |||
Local Option Sales Tax
|
101,475.67
|
123,014.41
| ||
Repay Sidewalk Project Loan
|
-150,000.00
| |||
Loan Draws for Sidewalk Project
|
150,000.00
| |||
Total Other Income
|
240,000.00
|
101,475.67
|
123,014.41
| |
Net Income
|
49,647.73
|
-39,141.40
|
86,570.95
|
31,672.70
|
I purposely separated out LOST from ordinary income so make it effect easier to track.
In each of the last four years our ordinary expenses have outpaced our ordinary income. In 2008 in our Other Income we had $240K in bonds to pay for the Highland Ave. street repairs. In 2009 we had no sources of other income. In 2010 and 2011 we have had local option sales tax money.
Watching our budget will be critical for our next city council.
