4th Quarter Revenue Better Than Budget, Crestwood Reports

Preliminary 4th quarter 2011 finances are in for the City of Crestwood, and government-wide the city did better than budget by $1,091,753. 

The numbers in the report are preliminary and subject to change based upon final review by the city’s auditors, however significant changes weren’t anticipated.

In the general fund, revenue totaled $2,163,604 for the 4^th quarter, therefore year to date revenue was $8,327,980. Comparing 2011 to 2011, revenue declined by about 2 percent of $171,000. Sales tax receipts increased in 2011. Other items that declined in comparison to 2010 were:

• Property taxes decreased by approximately $25,000
• Merchant licenses decreased by approximately $51,000
• Traffic fines decreased by approximately $26,000
• The city received $53,000 in a fire department grant in 2010, not received in 2011

Expenditures were down compared to budget by about $511,000. About $377,000 of that was related to personnel costs, the rest of the declined spending was due to lower departmental spending on commodities and contracted services. Therefore, again when comparing to 2010, expenditures were down about $671,000 or 8 percent.

In 2011, the Capital Improvement Fund received revenue of $1,560,666, expended $940,015 and booked a transfer out of $300,000, increasing the fund balance by $320,652.

Moving to the Park and Stormwater Fund, revenue for 2011 was up by about 2 percent, or $35,000. The increase, according to Kremer’s report, was mainly due to higher sales tax receipts and charges for services. Overall the fund balance increased by $260,466.

The city’s 2011 audit report will be completed in June.