Tom Munds Despite the dark clouds hovering over the national economy, Englewood received a favorable monthly financial report for September. …
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.
Despite the dark clouds hovering over the national economy,
Englewood received a favorable monthly financial report for
“Revenue collections in the city continue to be good, above what
they were last year at this time,” finance director Frank
Gryglewicz said as he delivered the financial report to the city
council at the Oct. 13 study session. “If the fiscal year ended
right now, we’d be in great shape. But, we know how quickly things
can change. With all the turmoil in the economy, we just don’t know
what to expect over the next few months.”
The report showed that, so far this year, the city has collected
about $30.1 million which is about $1.5 million more than collected
at this time last year. That is a 5.2 percent increase in 2008
revenue collections when compared to the same time in 2007.
Sales and use tax collections make up about 80 percent of total
revenues and the 2008 year-to-date collections were up almost $1
million or 5.6 percent from what was collected through the same
portion of 2007.
In September 2008 sales and use tax collections were about $1.8
million compared to the September 2007 collections of $1.7
Gryglewicz said the sales and use tax collections got a boost in
August of last year with the end of the flow of dollars to the
Englewood Urban Renewal Authority.
The authority was established in the 1980s, pledging sales and
property tax from the area to repay bonds sold for urban renewal
projects. The area never flourished but bond holders continued to
receive tax dollars from the authority area. That flow of tax
dollars lasted 25 years and ended in August 2007. The result is all
those tax dollars which total about $1 million now go to the city’s
The 2008 budget forecast the city would complete the year with
about $3.7 million in reserves. However, if revenue collections
continue the upward trend, the forecast says reserves will grow to
about $5.5 million.
The finance director said city investments continue to produce
interest and revenue from the recreation department.
The holiday shopping season is important to Englewood’s
financial health just like it is for all governmental entities that
depend heavily on sales tax revenue.
“We’ll just have to wait and see what happens with holiday
spending,” Gryglewicz told the council. “We hear a lot about the
decline in consumer confidence but we’ll just have to see how
consumer confidence is among the people who shop at our stores in
The city council reviews the financial report every month. Last
month, in light of the struggling economy, Mayor Jim Woodward noted
the council stood ready to act quickly to reduce spending if
revenues dropped sharply to maintain a balanced budget.
— Monthly finance report good news
— Revenue collections up 5 percent
— Vital to meeting budget
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.