Englewood finance director Frank Gryglewicz said with the favorable revenue-collection report he wished the year would end now. Gryglewicz said …
This item is available in full to subscribers.
If you're a print subscriber, but do not yet have an online account, click here to create one.
Click here to see your options for becoming a subscriber.
If you made a voluntary contribution in 2022-2023 of $50 or more, but do not yet have an online account, click here to create one at no additional charge. VIP Digital Access includes access to all websites and online content.
Englewood finance director Frank Gryglewicz said with the
favorable revenue-collection report he wished the year would end
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
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
Revenues for general fund $1.6 million more than this point last
Property tax from EURA helped boost revenue total
Other items that may interest you
We have noticed you are using an ad blocking plugin in your browser.
The revenue we receive from our advertisers helps make this site possible. We request you whitelist our site.