At the December joint meeting of the City Council and Board of Finance, City Comptroller, Diane Waldron reported that the tax assessor recently filed a supplemental motor vehicle grand list, and that the bills would be sent out of the tax office this month.
“The billing for the supplemental was $2.16 million. Of that, we’ve averaged about a 93 percent collection rate on that, so I anticipate the revenue burden for the supplemental will be about $2 million,” said Waldron.
Waldron explained that her office budgeted $1.1 million, a conservative estimate, as these numbers “fluctuate throughout the year.”
Waldron reported that the numbers were through the end of November.
According to Waldron, tax revenue collections are at 56.3 percent for current taxes, and 64 percent for prior taxes.
Revenues collected through building permits have reached 65.2 percent of the budget, and conveyance tax revenue has reached 48.8 percent of the budget.
Investment earnings for the general fund have earned $431,151, or, 86 percent of the $500,000 estimated budgeted, which in turn has generated a surplus of funds in this area. Waldron said she believes investment earnings will exceed 50 percent through December.
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