Finance Director Frank Gryglewicz told the city council Englewood's finances look pretty good based on the unofficial revenue and spending figures for 2012.
“Through December the total revenues received are about $39.3 million, which is about 2.6 percent or about $1 million more than collected in 2011,” Gryglewicz said during the Jan. 28 study session. “In addition, spending is expected to come in about 2.5 percent under budget.”
He added that the figures are unofficial and could change when late invoices and other expenses come in and are paid. There will be an audit and the final official figures will be contained in the Comprehensive Financial Report, which should completed by about April.
Gryglewicz said the increased revenues and the decreased spending should combine to close most of the projected budget shortfall.
“The 2012 budget forecast spending would exceed revenues by about $1.8 million,” he said. “Higher revenues and reduced spending are estimated to have made up about $1.4 million of that projected budget gap.”
He added that 2012 sales tax, the city's largest source of revenue, was up and down but the fourth quarter collections were strong and indicates that it is a trend that will help the city financially.
Councilmember Joe Jefferson said the narrowing of the forecast budget shortfall shows all city departments understand these are difficult times and pull together to help Englewood financially by reducing spending.
Mayor Randy Penn said the report is good news for the city going into 2013.
“I believe 2013 will be a good year for Englewood,” he said. “We should begin seeing increased sales taxes from developments like Kent Place and there are a number of other developments scheduled to begin in the first quarter of the year, strengthening Englewood's financial position.”