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Financial Update at Oct. 31, 2024

Written by David Robinson on . Posted in City Budget

A positive financial report , for the period ytd ending Oct. 31, 2024, 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://worthington.org/ArchiveCenter/ViewFile/Item/6088 (pgs. 85-90).

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Highlights of City Finances:

Year to date (through 10/31/24) income tax collections are above 2023 by 4.5%, and 9.1% above budget.  Here’s what it looks like year over year:

Income tax typically accounts for ≈ 70% or more of City revenue, so the impact of increasing income tax revenues obviously has a positive impact on overall city finances. But that’s not all. 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 nearly $4 million more than budgeted than budgeted in the General Fund.

This results in a healthy General Fund Balance.

Feedback and comments are always welcome at davidwrobinsonblog@gmail.com

Below: tax dollars at work, amidst the glory of nature, in Colonial Hills.

City Services at work amidst the glory of nature.

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.