City Releases Monthly Revenue Report
Monday March 21, 2011
In an effort to keep citizens better informed about their tax dollars, Mayor Greg Fischer today released the first of what will be monthly reports to citizens about how much revenue the city collects.
The reports, which will be posted at www.louisvilleky.gov/yourtaxdollarsatwork, are a snapshot in time of where the city stands financially with revenues from all sources, including occupational, property and nets profits taxes.
“This is all part of our effort to bring more transparency to the city budget process,” Fischer said. “That’s why we held five budget hearings across the city, and that’s why we asked city employees for their cost-saving ideas.”
This month’s report, for example, shows that total General Fund revenue has increased a little more than 1 percent compared to last year. Metro Government collected $337.3 million in revenue as of Feb. 28 compared to $332.9 million at this time last year.
“That’s good news, and I hope to see that trend continue,” Fischer said. “Of course, we have to balance that information with the fact that expenses are increasing -- $6 million alone in new pension costs next year.”
The monthly report doesn’t include expenses and it doesn’t include unforeseen costs, such as the recent expenses associated with flood cleanup. Those are more difficult to track on a monthly basis -- and the city will continue to release quarterly reports on expenses.
Steve Rowland, the city’s chief financial officer, said the city is currently facing a projected $22 million shortfall for the next fiscal year, which beings July 1. Fischer presents the budget to citizens and the Metro Council on May 26.