By: 1812Blockhouse Staff
Consistent with the experience of other local communities, the City of Shelby is finding out that the COVID-19 hit on city finances is not as bad as first suspected.
In fact, when Shelby City Council’s Finance Committee met on Monday, the financial news was rather positive as Director of Finance Brian Crum led members through spreadsheets delineating fund balances, income, and expenditures.
The following were among highlights shared:
- The general fund balance is down $77,000 from last year, but it is also up $123,000 since January 1
- While 42 percent of the year has gone by, the City has received 38 percent of its anticipated revenue but has spent only 33 percent of its anticipate expenditures
- During the current year, the City has received $192,000 more in revenue over expenses
Both revenue and expenses are down from 2019 levels, Crum noted, reflecting the City’s attempts to cut down on costs, including for staff overtime. While there are funds that merit attention, he shared, he expressed optimism over what the City was experiencing.
Income tax revenue is down 38%, but that will likely even out once July tax filings take place.
