Madison’s budget on target
By Stephanie Johns
Halfway through its fiscal year expenditures in the City of Madison general fund are below budget at 48.8 percent.
Finance Officer Karen Guinn shared a presentation titled “City of Madison, FY 2013 Monthly Financial Report, July 2012 – January 2013” in which she noted that three budgeted items have not been expended to date.
Those include a $55,000 Gateway project by the Corridor Board, a $279,100 retirement expense due in May, and a total of $79,000 for vehicle purchases.
She pointed out that the city has collected 71 percent of its tax revenue, excluding sales tax, as of Jan. 31.
Additional revenues not yet collected include 5 percent of property taxes and a Georgia Power franchise tax that accounts for about 18 percent of the tax revenue. These should be collected in February and March.
According to the report, “Overall, revenue is in good standing for General Fund.”
The Water & Sewer Fund has collected about 59.6 percent of its revenue while expending 41.8 percent. Per the report, retirement and depreciation will be expensed in May and June.
As to the Gas Fund, gas sales are “consistent with this time last year,” as noted in the report. Revenue is “slightly below budget” as are expenses, which stand at 38.7 percent.
The Sanitation Fund has collected 65.6 percent of its revenue while expending 47.3 percent.
Printed in the February 28, 2013