Englewood finance director Frank Gryglewicz said with the favorable revenue-collection report he wished the year would end now.

Gryglewicz said year-to-date revenue collections through October continue to be about 5 percent, or $1.6 million, ahead of the 2008 budget collections. However, he cautioned that it is possible the city revenues could see the impact of the stormy economic climate in the final three months of this year and probably will see that impact extend into 2009.

The comments came as Gryglewicz presented the monthly financial report at the Nov. 17 Englewood City Council study session.

Total revenue collections through the end of September were about $33.5 million, which is $1.6 million more than the $31.9 million collected through this time last year.

“One area of higher revenues are the city-collected property taxes which are almost $1 million more than last year,” Gryglewicz explained. “The reason for the jump in this area is the city is now receiving the property taxes from the Englewood Urban Renewal Area. The EURA was built with tax-increment financing and, until August of last year, the property taxes and much of the sales taxes from that area went to make the payment to the EURA bond holders.”

Sales and use tax collections also were up. The end of October 2008 report, which is for the taxes collected in September, shows the city collected about $13,000 more than September 2007.

However, the revenues for licenses and fees dropped almost $500,000. Gryglewicz said that might reflect the fact people are getting building permits because they are delaying construction projects in light of the economic condition.

The budget predicted the city would collect about $37 million in revenues this year for the general fund. To date, Englewood has collected about $33.5 million.

If the trend continues, the estimate is the city revenue collections will be about $38.3 million.

The additional revenues will go to the reserve funds, money that can be used to meet unexpected expenses or emergencies.

The city council policy is to maintain a reserve of at least 10 percent of the general fund. The forecast is the city will close out the year with about $5.5 million, which is a 14.4 percent reserve.

Mayor Jim Woodward said he was pleased the city is where it is financially. He then asked how there were changes in the property tax mill levies without voter approval.

Gryglewicz said the change was in the mill levy used to collect money to pay the city’s bond debt.

“The voter-approved bond question included language allowing the mill levy to be adjusted to ensure there was sufficient money to make the bond payments,” the finance director said. “That is done as a way to guarantee sufficient funds for bond payments even when there are changes in assessed value.”

The basic mill levy to raise property tax funds for the city has not changed since voters approved the Taxpayers Bill of Rights in 1992.

Revenues for general fund $1.6 million more than this point last year

Property tax from EURA helped boost revenue total