The city wrapped up the fiscal year with a $9.9M surplus, John Yellig reported in yesterday’s Daily Progress. Forty percent of that came from cost savings and 60% came from extra revenues. Much of those extra revenues came from sales, meals, and lodging taxes (thanks in part to tourism), with only 8.6% of the surplus having come from the much-reviled real estate taxes. It’s Council’s practice to put the bulk of surpluses in the capital improvement fund, and the timing couldn’t be better, what with the recent news of the city’s aging infrastructure.
Council discussed this at last night’s meeting, Yellig reports today, and resolved to simply try harder in forecasting revenue and expenses. Albemarle County experienced a similar revenue surplus, indicating that this may not have been easily forecast. What Albemarle didn’t do, however, was cut spending like C’ville did.