Tag: surplus

Newport News assignments $1.2 million surplus for initially quarter

Newport News is projecting a $1.2 million surplus in its standard fund for the to start with quarter of the fiscal 12 months 2021.

&#13

“When we established this funds in the early times of the pandemic, and every thirty day period due to the fact then, we have explained that we will stay inside the revenues that we produce,” explained Lisa Cipriano, the city’s price range director.

The city instituted a sequence of value-chopping measures, which includes a hiring freeze other than for essential and vital positions and delaying applications and events.

The main revenues — serious estate, personalized home and equipment and software taxes — that make up about 56% of the basic fund earnings estimate are “sound” and predicted to be on focus on with the city’s estimate, Cipriano instructed Metropolis Council on Tuesday.

“The initially quarter is generally the most tricky to estimate in any fiscal

Newport Information projects $1.2 million surplus for 1st quarter

Newport News is projecting a $1.2 million surplus in its general fund for the initially quarter of the fiscal year 2021.

Loading...

Load Mistake

“When we developed this price range in the early days of the pandemic, and every thirty day period since then, we have reported that we will live within the revenues that we generate,” mentioned Lisa Cipriano, the city’s funds director.

The metropolis instituted a collection of charge-chopping steps, which include a choosing freeze besides for essential and crucial positions and delaying plans and activities.

The major revenues — serious estate, personal residence and machinery and tool taxes — that make up about 56% of the common fund earnings estimate are “sound” and expected to be on target with the city’s estimate, Cipriano explained to City Council on Tuesday.

“The initial quarter is usually the most complicated to estimate in any fiscal 12 months,” Cipriano said. “What will