Mid Year Financial Update, and the 2025 Budget
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A positive mid-year financial report was presented by Finance Director Scott Bartter at last week’s Council meeting. Below are key charts which provide a quick snapshot of some fundamentals. For those interested, details are available here: https://www.worthington.org/ArchiveCenter/ViewFile/Item/5943 (pgs. 104-109):
Further, a very interesting (and upbeat) initial presentation was provided regarding the 2025 Budget and 2025-2029 CIP (Capital) budget, available here: https://www.worthington.org/ArchiveCenter/ViewFile/Item/5943 (pgs. 79-96).
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Highlights of City Finances:
Year to date (through 6/30/24) income tax collections are above 2023 by 6.2%. Here’s what it looks like year over year:
Income tax typically accounts for ≈ 70% or more of City revenue (see pie chart below), so the impact of increasing income tax revenues has a clear positive impact on overall city finances. I want to note that although property taxes account for 11% of city revenue year to date, the share of your property taxes that goes to the city is less than 5% of the total. It is our public schools that receive ≈ 75% of property tax revenues.
In addition to increased income taxes, the city’s financial picture has also benefitted from increased interest revenue earned through its investments of cash balances, an increase in property tax revenue, etc., yielding more than $2 million than budgeted and a resulting healthy General Fund Balance.
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