The City of Sunbury’s Finance Committee will meet on September 20 at 6:30 PM, with the meeting covering a wide range of topics, from GAAP conversion proposals to the first draft of the 2024 budget. The agenda also includes a review of quarterly investments, RITA delinquencies, and construction administration for facilities projects.
Financial Health: A Look at the Numbers
One of the key points on the agenda is the review of the city’s bank balances. As of August 31, 2023, the balances are as follows:
- Fifth Third Securities: $8,029,588.60
- STAROhio: $7,514,728.37
- First Comm. General: $3,205,574.48
- First Comm. MC: $3,238.24
- Total: $18,753,129.69
- Outstanding Checks: ($78,884.38)
- Balance Per Bank: $18,674,245.31
These numbers provide a snapshot of the city’s financial standing, which will be crucial for making informed decisions on new and unfinished business items.
Year-to-Date Tax Collections
The committee will also review the year-to-date income tax collections, broken down by category and compared over a five-year period. The data shows a notable increase in tax revenue for 2023:
- Withholding: $1,939,087 (up from $1,620,533 in 2022)
- Individual: $876,600 (up from $821,004 in 2022)
- Net Profit: $416,169 (up from $211,803 in 2022)
- Total Tax Revenue: $3,231,856 (up from $2,653,341 in 2022)
- % Change: 21.8%
This upward trend in tax revenue could have significant implications for the city’s budget and future projects.
Unfinished and New Business: What’s Next?
The agenda also includes several new and unfinished business items that require attention:
- GAAP Conversion Proposal: Julian & Grube will present a proposal for converting to Generally Accepted Accounting Principles (GAAP).
- Impact Fee Appropriations: The committee will discuss the allocation of impact fees for various city projects.
- NSF Fees: A review of Non-Sufficient Funds (NSF) fees will be conducted.
- Quarterly Investments Review: An update on the city’s investments will be provided.
- RITA Delinquency: The committee will address delinquency issues related to the Regional Income Tax Agency (RITA).
- Construction Administration/Inspection Services: A discussion on facilities projects is on the agenda.
- 2024 Budget – 1st Draft: The first draft of the 2024 budget will be presented.
The outcomes of these discussions will shape Sunbury’s financial landscape for the coming year and beyond. For those interested in diving deeper into these topics, the City of Sunbury’s official website offers more information.