March 20, 2013 - Despite the loss of Sears and other businesses, the city of Crestwood ended 2012 with a nearly $80,000 surplus.
Finance Office Greg Kremer presented the city's fourth-quarter 2012 financial report to the Board of Aldermen during its March 12 meeting.
The city's original 2012 budget estimated a surplus of more than $100,000. Governmentwide, the city had revenues of $10.7 million, nearly $11.5 million in expenditures and a transfer-in of roughly $850,000.
General fund revenues reached roughly $1.8 million for the fourth quarter of 2012, putting the year-to-date total at about $7.8 million. Revenues decreased by roughly $274,000 as a result of lower-than-budgeted sales-tax receipts, utility-tax receipts and fines and forfeitures.
However, Kremer stated in a memorandum to the Board of Aldermen that the declines were "partially offset by higher property-tax receipts versus budget, due to the run out of the Property S tax."
Prop S was a 20-cent, tax-rate increased approved in 2006 to eliminate the city of $2 million in debt and a $1.5 million line of credit from Southwest Bank. A previous board voted to continue collecting the tax through 2011 though the debt was retired in 2010. The current board voted not to extend the tax further.
Compared to 2011, general fund revenues for 2012 are less by roughly 5 percent, or $407,000.
General fund expenditures came in at roughly $2.4 million for the fourth quarter, putting the year-to-date total at $7.9 million. Expenditures were lower than budgeted by roughly $390,000.
"Of this amount, approximately $224,000 was related to personnel costs and $31,000 was related to lower street lighting costs," Kremer stated in his report. "The rest of the decline is due to lower departmental spending on commodities and contracted services."
Compared to 2011, fiscal 2012 general fund expenditures increased by roughly 4.7 percent or roughly $356,000 due to:
• Higher personnel costs, $192,000.
• Legal service expenditures, $49,000.
• Increased Affton Fire Protection District cost, $107,000.
With a transfer-in of $201,543, the overall balance for the general fund increased by $56,204.
Capital improvement fund revenue for the fourth quarter was roughly $217,000 with year-to-date revenues at roughly $1.13 million. Expenditures reached $191,400, setting year-to-date expenditures at $1.15 million. The fund balance increased by $30,685, according to Kremer's report.
Park and stormwater revenues reached $298,648 in the fourth quarter. The year-to-date total is at roughly $1.76 million. Expenditures came in at $303,266, putting the year-to-date amount at $2.4 million. With a net transfer-in of roughly $600,000, the park and stormwater fund balance decreased by $8,423.