Huntington's Unaudited Fiscal Year Ends with $1.2 Million Carryover

Updated 6 years ago by Tony E. Rutherford, News Editor
Huntington's Unaudited Fiscal Year Ends with $1.2 Million Carryover

HUNTINGTON, WV (HNN) - Good end of the fiscal year news for Huntington finances. Finance Director Deron Runyon reported that the unaudited close out of fiscal year 2011-2012 has collected revenues up $3.8 million dollars and expenses $146,000 lower than expected. The carry over will be about $1.2 million dollars.

However, the revenue included the one time municipal fee surcharge, which does not go forward in the 2012-2013 budget.  Construction B & O taxes generated $800,000 (giving total B & O a net increase of $300,000 following tax reform reductions).

 Still, the 1% city sales tax continues to prove a pleasant surprise. Based on preliminary July-August 2012 collections, the tax could bring in more than $1.8 million over budget projections for the 2012-2013 fiscal year based on an average of  about  $500,000 per month.

During the Thursday afternoon work session, Runyon explained that the true carried over amount in the general fund less prior financial commitments means that the city’s unassigned amount totals about $359,000, which becomes the actual amount rolled over at the beginning of the fiscal year. Among already committed general fund expenses are monies for a new roof at the Centennial fire station, the PATH program, and the Dietz Hollow landfill closure account.

Council finance director Steve Williams suggested that “it would behoove us to set aside additional amounts into capital improvement accounts” based on  $1.8 million dollars of higher than projected city sales tax revenue.

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