Brighton to Show Increase in End-of-Year Fund Balance
June 8, 2018
The city of Brighton has had a couple of recent revenue enhancements that have enabled the projected fund balance to expand by $345,000, which will give the city a new fund balance of $1.37 million, which is 16% of expenditures. According to auditors, that makes for a very healthy, though not excessive, fund equity.
City Manager Nate Geinzer says that is due to unexpected new revenues, including $195,600 from personal property tax reimbursements from the state, $180,000 as a result of more-than-anticipated building permits and a $33,400 increase in state revenue sharing funds.) Geinzer says other revenues that were higher than anticipated include state revenue sharing and an increase in licenses and permits. The new budget year for the city starts on July 1, and council last month adopted a 2018-19 general fund budget of slightly over $9 million. (TT)