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Revenues top $40 million: Financial Year-End Report

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

Last night at City Council, Finance Director Scott Bartter delivered a very strong year-end report for the City of Worthington. You can see the full report here (pages 18-23): https://worthington.org/ArchiveCenter/ViewFile/Item/6173

A few highlights with supporting charts:

Income tax revenues were 11.5% above the 2024 budget (and 2.6% above 2023 levels), which, as you would expect, had a very positive impact on the bottom line since income tax revenues normally account for 70-75% of total city revenues:

In addition to strong income tax revenues, the city also saw revenues increase due to higher property taxes as well as interest income (earned through city investments of cash on hand). Total General Fund Revenues approached $41 million (see bar chart image above).

These other sources of income represents, from the city’s point of view, a positive diversification of revenue sources.  For the first time that I can remember, income tax revenues accounted for less than 70% of the total:

Expenses rose more modestly, largely driven by personnel costs.  The end result was a large General Fund Balance, with $31.5 million in Cash on hand (an increase of over $5 million from the 1/1/2024 balance), and an Unencumbered (uncommitted) balance of $26.8 million (which represents 77% of prior year’s expenditures, the highest percentage that I can recall):

 

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.