ThisWeek CW 06/02/2015

http://www.thisweeknews.com/content/stories/canalwinchester/news/2015/06/29/2016-tax-budget-more-revenue-expected-in-water-sewer-general-funds.html

Anticipated revenue for Canal Winchester’s 2016 tax budgetis projected to exceed 2015 levels, according to Finance Director Amanda Jackson.

Projections show an anticipated increase in general fund revenue, as well as increases in water and sewer fund revenue for 2016.

“The income tax is projected to increase more than 10 percent, which seems large, but our auditors asked for us to change how we report some income tax revenue,” Jackson said. “So even though it looks like a 10-percent (increase) on paper, it’s not really that high.

“Our May income tax revenue was a little under $1 million, which was about twice what we expected.”

Jackson said new development is driving the income tax revenue increases, “like the new apartment complex on Diley Road that is giving us a boost.”

“We do have a water rate increase coming as well, which will increase water fund revenues, but we also expect an increase in our sewer fund revenues, even though there isn’t an increase in sewer rates,” she said.

This is also due to the amount of development in the city, which increases wastewater use, she said.

Even with the projected increases in revenue, the city faces a budget shortfall, with expenditures being an estimated $193,021 greater than revenue, Jackson said.

According to budget documents, general fund revenue for 2016 is projected to increase by 8 percent from the 2015 budgeted amounts; but expenditures will be 10 percent higher than 2015 numbers.

Jackson said this is due in part to all of the projects underway in the city — including construction of a new Public Works facility — and the increased cost of contract services.

“Everything is going up, but we like to err on the side of caution and overbudget,” she said. “We’ve never spent everything we’ve budgeted and I don’t think we will now, either.”

The proposed budget anticipates ending 2016 with a total general fund balance of $3,483,991, which is slightly lower than the current estimated general fund balance for 2015 of $3,677,012.

Overall, the total balance of all funds is estimated to be $12,824,887 in 2015 and $11,985,984 in 2016.

State law requires the city to adopt a new budget by July 15 each year; however, amendments to the budget are allowed throughout the year and may affect the overall estimates