Good news for the Abilene economy. Sales tax revenue is up.
Meaning more people are spending, and giving the key city a much needed boost.
"I would say that we're doing very well," Says Abilene Finance Director Mindy Patterson.
Just last month the city received a net payment of 3.74 million dollars, almost a million more than last year.
The city's finance department says this could be a sign that economic improvement is beginning to shed light on a nationwide recession.
"We've had some really tough years," Says Patterson. "But this year, just in the general fund sales tax is up about 2 million dollars from the prior year. So we're doing very well."
That money will be now be saved until March, when the city will reassess its budget, which was prepared last summer.
They will look at total expenses for the year, and compare it with the revenue.
''Some of our revenues may be ahead, like sales tax, and some of them may not be where they need to be," Says Patterson. "At that point we'll look at all the revenue for the general fund, and all the expenses for the general fund. Then we will do a new budget for the rest of the fiscal year. At that point is when council will tell us, if there is excess revenues, where they want us to spend that at."
Revenue from sales tax goes towards city departments like police and fire, and operational every day expenses.
So, you can be assured that the extra money you're paying at that check out line, is helping the city in a big way.
"We have a path that we're on were a service organization so most of our money is in our people," Says Patterson.
Meaning more people are spending, and giving the key city a much needed boost.
"I would say that we're doing very well," Says Abilene Finance Director Mindy Patterson.
Just last month the city received a net payment of 3.74 million dollars, almost a million more than last year.
The city's finance department says this could be a sign that economic improvement is beginning to shed light on a nationwide recession.
"We've had some really tough years," Says Patterson. "But this year, just in the general fund sales tax is up about 2 million dollars from the prior year. So we're doing very well."
That money will be now be saved until March, when the city will reassess its budget, which was prepared last summer.
They will look at total expenses for the year, and compare it with the revenue.
''Some of our revenues may be ahead, like sales tax, and some of them may not be where they need to be," Says Patterson. "At that point we'll look at all the revenue for the general fund, and all the expenses for the general fund. Then we will do a new budget for the rest of the fiscal year. At that point is when council will tell us, if there is excess revenues, where they want us to spend that at."
Revenue from sales tax goes towards city departments like police and fire, and operational every day expenses.
So, you can be assured that the extra money you're paying at that check out line, is helping the city in a big way.
"We have a path that we're on were a service organization so most of our money is in our people," Says Patterson.
