The City budget remains on track with its current fiscal year outlook, based on the First Quarter Financial Report given at Monday’s City Council work session. The report represents activity from Oct. 1-Dec. 31, 2020 and showed that revenues and expenditures in all five funds (General, Water and Sewer, Solid Waste Services, Golf and Hotel/Motel Tax) are performing within or close to established budget targets. Of note, when compared to the same quarter in 2019-20:
- Property tax revenue and sales tax revenue have increased, with property tax revenue up about $1.1M and sales and other business tax revenue up by $516K
- Water and Sewer Fund revenues decreased by about $2.4M due to several factors
- Golf Fund revenue is up $277K
In response to the COVID-19 pandemic, the City took a conservative approach to revenues/expenditures as part of the budget development process for Fiscal Year 2020-21.
Video: https://richardsontx.swagit.com/e/02082021-787/10
