Pelham’s revenues up nearly halfway into FY ‘17
PELHAM – Revenue for the city of Pelham for the first five months of fiscal year 2017 are up compared to revenues for the first five months of fiscal year 2016, according to a budget update presented to the Pelham City Council by Financial Director Tom Seale at a meeting on Monday, March 6.
The budget review accounted for revenues from Oct. 1, 2016 to the end February. Overall, the city has experience a $1.5 million revenue increase compared to fiscal 2016 during the same time frame.
The city has experienced revenue increases in several areas, such as ad valorem tax, motor vehicle ad valorem tax, audits, sales tax, state sales tax, auto sales tax, lodging tax, use tax, rental tax and wine tax.
The biggest increases year over year are from ad valorem taxes, which saw an increase of $195,140 year over year, and sales tax, which increased by $183,116 year over year.
Auto sales taxes increased by $98,936 year over year and audits increased by $116,836 year over year.
Although the city’s revenues are up nearly halfway into fiscal 2017, some areas of revenue are down. Revenues for city gas tax, the county’s beer tax, alcohol tax, business licenses, building permits and interest income were all lower at the end of February 2017 than they were at the end of February 2016.
The city has also managed to lower its debt by $5.5 million dollars from fiscal 2016 to fiscal 2017.
In the years time, the city’s expenses saw an increased of $2.3 million, going from $15.4 million to $17.7 million.
Overall, Seale said the city’s revenues are very encouraging.
In other business, the council:
-Accepted a bid from Loader Services and Equipment for a Bobcat Compact Track Loader.
-Accepted a bid from Emergency Lighting by Haynes for emergency lighting and equipment for six new police vehicles.
-Approved the reopening of a connector public street between Village Place and Court Way.