City revenue up 5.58 percent over last year
Dublin's revenue continues to climb after falling for the first time with the Great Recession in 2009.
Dublin City Council members last week got a look at 2012 fiscal figures at an Oct. 8 finance committee meeting.
Angel Mumma, Dublin's director of finance, said fiscal information through the third quarter shows "very positive news."
To date, Mumma said, the city has received 5.58 percent more income tax revenue than it did during the same time period last year.
"We continue to be in a healthy position," she said.
This year Dublin has collected about $57.9 million in income tax revenue, compared to about $54.8 million collected during the same time in 2011.
"Every category of income tax collections are up," Mumma said.
Revenue from property tax, however, has declined by 4.1 percent, Mumma said.
"The decline is consistent with staff's expectations, based on information received from the Franklin County Auditor's office that stated for the tax year 2011 (collected in 2012), the taxable assessed valuation for all properties within the Franklin County portion of Dublin declined 4.4 percent from the tax year 2010 (collected in 2011)," the staff report to council stated.
Hotel/motel tax revenue has continued to climb, Mumma said, noting a 10.9-percent increase through the third quarter of 2012 when compared to the first three quarters in 2011.
"All 14 hotels have shown growth from the same time period last year," she said.
As for expenditures, they have increased by about 3.5 percent over 2011.
The increase largely comes from the purchase of land for a deal with Nestle USA, Mumma said.
"Increases in other expenditures have been modest, with personal services increasing 1.5 percent, supplies increasing 3.7 percent, travel and training increasing 0.2 percent and contractual services increasing 4.4 percent over 2011," the staff report stated.
Despite an increase in expenditures, the general fund balance has continued to grow this year. Dublin tries to maintain a year-end general fund balance of at least 50 percent of the general fund expenditures, but has exceeded that.
As of the end of the third quarter of 2012, the ending general fund balance was $50.4 million, or 85 percent of the 2012 planned general fund expenditures.