We are asking the City Council to review the Local Receipts that has been budgeted in FY17. There are two major revenues numbers for the FY17 budget:
- Property Tax Levy
- Local Receipts
In FY16 budget there was $40,750,100 budgeted for Local Receipts. In the last last City Council meeting under 15D), it was reported that revenues collected estimates by $5,400,000. In particular check out:
- Motor Vehicle Excise receipts exceeded estimates by $2,100,000.
- License and Permit receipts exceeded estimates by $1,100,000.
Approximately the same number ($39,6495) was budgeted for Local receipts in FY17. If the estimates for FY16 are coming in higher then we expected, do we not need to review the number the number that has been budgeted for FY17? Why does this make a difference? If we were to increase the budgeted number for Local Receipts in FY17 by $3,000,00, then we would be able to reduce the amount of monies to be raised from the Property Tax Levy by $3,000,000.
A change in Local Receipts number would provide same relief to taxpayers that they received when $3,000,000 from the Stabilization Fund earlier in the year. Let’s hope the City Council takes a closer look at the Local Receipt number that has been budgeted in FY17 Tuesday night.