City finances were on target at the fiscal year’s midpoint, Richmond Finance Director Sharon Cain told the city commission Tuesday in a special-called meeting.
The city is in a good place financially as the second quarter comes to a close, she said, with revenue above and expenses below estimates.
At more than $12.6 million, revenue is about 2 percent more than anticipated, Cain said. However, that percentage will likely drop slightly toward year’s end as the city receives the face amount of property taxes, rather than collection estimates.
In addition, expenses are about 5 percent under budget for this point in the year at $10.6 million.
The figures put the city budget ahead of projections by about $2 million.
Only two city departments have spent more than half of their budgets. The Gibson Bay Golf Course pro shop reported expenses associated with preparing the course for the upcoming warmer months at 63.8 percent of budget. The shop’s annual budget is more than $627,000, and Cain said expenses for the course are expected to fall as the year progresses.
The recycling department also has listed expenses at 52.2 percent of its budget of $703,000.
The parks department has spent 30 percent of its $1.4 million budget, about $439,000. But the majority of its funds are set aside for the busy summer season.
The police and fire departments, which have the budget’s largest line items, are at 46 and 47 percent, respectively.
Cain said the numbers look promising. Revenue is expected to increase significantly in the coming months when the parks, golf course and pool get most of their business for the year. Overall, she said Richmond is set to have an on-target year, finishing with a balanced budget.
Mayor Jim Barnes said he was pleased by the budget outlook, and he commended Cain and City Manager Jimmy Howard for their work on the city’s finances, saying Howard has done a tremendous job of running the city.
Seth Littrell can be reached at slittrell@richmondregister,com or 624-6623.