DAPHNE, Ala.—The city of Daphne had to borrow $800,000 from reserves to balance the 2011 fiscal year budget, but finance department reports show revenue is up halfway through the fiscal year and spending is down.
Finance Committee chairman …
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DAPHNE, Ala.—The city of Daphne had to borrow $800,000 from reserves to balance the 2011 fiscal year budget, but finance department reports show revenue is up halfway through the fiscal year and spending is down.
Finance Committee chairman Derek Boulware called the finance committee “frugal” on Monday, and he said he hopes the thorough though process the committee is using to approve spending will continue so the city can end the fiscal year in the black as it has for at least the past six years.
According to a report given by finance director Kim Briley, the city is well on its way to replacing the money borrowed from reserves.
As of March 21, the hiring freeze had saved the city $136,915.73, nearly half of the $300,000 the finance committee had hoped for. The total saved will continue to increase while two ground positions are in the process of being filled which are currently vacant.
“The savings comes from the downturn when we do lose an employee and from being frugal with our budgets and employees. Everyone here has done a good job with being frugal,” Mayor Fred Small said.
The city currently has in excess of $31 million.
For March, the city collected $840,768 in sales tax revenue, which was $116,230 over budget. The city has collected $460,091 over budget for the year so far.
Lodging tax revenue was down from last month.