May 01, 2013 - The balance of Crestwood's three major funds increased by more than $436,000 during the first quarter of 2013, according to Finance Officer Greg Kremer.
Kremer presented the city's first-quarter financial report to the Board of Aldermen last week.
For the first quarter, revenues in the city's three major funds totaled $2,926,021, while expenditures were $2,489,485 — a $436,536 increase in the overall fund balances.
General fund revenue came in at $1.9 million, or 24.2 percent of budgeted revenue, for the first quarter, while expenditures reached $1.7 million, or 21.1 percent of budgeted expenditures. The general fund balance increased by roughly $196,000.
Revenues, according to Kremer's report, have declined compared to 2012 "mainly due to the decline in sales-tax receipts."
"One of the contributing factors for the decline in sales tax is store closures that occurred mid-year 2012," Kremer wrote. "While the city is showing a decline in sales-tax receipts of 14.5 percent in the first quarter of 2013 — on just the one-cent general sales tax — the county has seen an increase of 4.2 percent over the same period.
"City staff is investigating further to determine what other factors are contributing to the decline," the finance officer added.
In the capital improvement fund, revenues reached roughly $600,000 for the first quarter, an increase of roughly $248,000 "due to the grant received for the purchase of a fire truck," Kremer wrote.
"However, as with the general fund, sales-tax receipts are down approximately $41,000, or 14.1 percent," Kremer wrote.
Capital improvement expenditures came in at roughly $560,000, or 18.1 percent of budgeted expenditures. The capital improvement fund balance increased by nearly $60,000.
In the park and stormwater fund, revenues reached roughly $373,000, though that is a roughly $50,000 decrease from 2012. The decline, according to Kremer, is due to a decrease in sales-tax receipts.
First-quarter expenditures came in at roughly $192,000.
"Eliminating the debt payments made in the first quarter of 2012, which were related to the Aquatic Center, expenditures are relatively flat, with a slight increase in expenditures in the Parks and Recreation department," Kremer wrote.
Overall, the park and stormwater fund balance increased by $180,603.