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Galt City Council hears report on first quarter

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Posted: Thursday, November 21, 2013 12:00 am

The city of Galt is spending slightly more than budgeted, according to the first quarterly update for fiscal year 2013-14 provided by Finance Director Inez Kiriu to the Galt City Council on Tuesday.

Since it is the first quarter of the new fiscal year, which runs from July 1, 2013, through June 30, 2014, 25 percent of each budget category is expected to have been spent. However, some of those expenditures have been higher.

The Culture and Recreation Fund, for example, has spent 29 percent of its budgeted appropriations. No reason was given.

Likewise, revenue this time of year should be at least 25 percent of the amount budgeted.

Only 9 percent of General Fund revenues have been collected. However, the city’s portion of property taxes have yet to be received, and they make up close to half of the General Fund.

Also on Tuesday, Kiriu presented to council members a pre-audit financial report for the fiscal year that ended June 30.

That review found the city’s revenues were lower than budgeted due to grants and other government reimbursements not received in time to be included in the 2012-13 financial books.

Property tax reimbursements were also slightly lower than anticipated, due primarily to the downturn in the economy and lower assessed property values.

Sales tax, however, was up about $70,000 last fiscal year.

Contact reporter Jennifer Bonnett at jenniferb@lodinews.com.

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