Friday, March 1, 2002
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Friday, March 1, 2002 |
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PTC revenue outlook rosier than expected after terrorist attacks By JOHN
MUNFORD
Although Peachtree City's hotel-motel tax revenues are far under projections, the city is still ahead of the game as far as its other revenues are concerned for the first four months of the year. The revenues have been buoyed by a $292,000 increase over revenue projections for insurance premiums and an additional $45,000 increase in permit revenues. Additionally, court fines are up 17 percent, adding another $36,000 that wasn't planned for the first four months All three combined more than covered the current $104,000 shortfall in the hotel-motel tax revenue category. And council still has that loss covered since the city's Development Authority and Airport Authority have agreed to cut back their expenditures to stave off any year-end shortfalls in the hotel-motel tax revenues. Both authorities depend on revenues from the hotel-motel tax for operating funds. Councilman Steve Rapson noted that without the unexpected windfall from the increase in insurance premium revenues, overall revenues would be 1.5 percent under staff's original projections. Council originally withheld $1.46 million in this year's budget in case revenues were down, particularly in light of the terrorist attacks Sept. 11. But at its regular meeting last week, the City Council authorized the release of $619,000 of those embargoed funds. That clears the way for the expansion of the Gathering Place, which won't occur right away and is a topic on the council's retreat for March. Also included in that release of funds is $263,000 dedicated towards the city's cash reserve, and the city can use that money if an economic downturn hurts revenues significantly, said city finance director Paul Salvatore. The released funds will allow the city to proceed with playground improvements, replacement of the halfpipe skate ramp and the purchase of an asphalt roller and rubber tire fork lift via leases. Also included in the plan is the release of $35,700 in operating funds.
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