Under the watch of City Comptroller Maureen Walker, the City of Mount Vernon generated a budget surplus of $7.7 million from operations for the year ended December 31, 2015. This is the twenty-first straight year the City has generated a budget surplus. Budget surpluses are used to minimize increases in the City tax rates.
Better than expected revenues combined with lower spending created the surplus. Actual revenue exceeded the adjusted budgeted revenue by $5,257,656 and actual expenditures came in $2,385,935 below revised appropriations. Among the revenue highlights, the City generated favorable variances in the following areas:
Real property taxes $1,060,696, Building permits $301,300, Sales taxes $877,626, State aid $746,478, Insurance Recoveries $188,476, Cable Television Franchise Taxes $119,455 and Real Estate Transfer Taxes $663,629.
In 2015 some revenues had unfavorable variances in the following areas: Fines and forfeitures $434,114, Gain on Sale of Tax Acquired Property $810,232.
Actual expenditures came in $2,385,935 below revised appropriations. Among the highlights, the City experienced favorable variances in the following areas: General Government Support $1,861,468, Public Safety $169,025, all others combined $355,442.
According to Comptroller Maureen Walker, “despite the uncertain economic climate, Mount Vernon continues to manage its finances in a fiscally responsible manner.
AJ is a Father, Author, Writer, Rapper, Radio Personality, Hip-Hop Historian and A Freelance Journalist whose byline has appeared in several print publications and online sites including The Source, Vibe, the Village Voice, Upscale, Sonicnet.com, Launch.com, Rolling Out Newspaper, Spiritual Minded Magazine and several others.
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