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Ideas, Actions, People, and Commentary in the City of Worthington

Mid Year Financial Update, and the 2025 Budget

Written by David Robinson on . Posted in City Budget, City Council

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.

 

 

 

David Robinson

David Robinson lives in Worthington with his wife, Lorraine, and their three children—two who attend Phoenix Middle School, and one who is a graduate of the Linworth High School Program and Otterbein University. David is President and co-owner of Marcy Adhesives, Inc., a local manufacturing company. David has served on Worthington City Council since January, 2018, and is deeply committed to 1) advancing resident-centered policies, 2) supporting responsible development that enhances our unique historic character, 3) endorsing environmentally sustainable practices for both residents and city operations, 4) promoting the safety and well-being of all residents, and 5) preserving the walkable, tree-filled, distinctive, friendly nature of our neighborhoods.