St. Louis Fiscal 2012 ends with surplus of $4.3 million
ST. LOUIS, August 2, 2012— Today, the St. Louis City Comptroller’s Office announced that the city ended fiscal year 2012 with a surplus of $4.3 million, this is the second consecutive year that the city has seen an operating budget surplus since the financial crisis; fiscal year 2011 saw a surplus of $2.3 million. Comptroller Darlene Green attributed the surplus to conservative fiscal management and an increase in revenues.
“The City’s $4.3 million year end surplus represents strong fiscal management and the Cardinals post season games which created a modest upswing in economic activity in the City,” said Green.
Sales taxes were up $3.8 million or 9.5% and earnings taxes up $9.8 million or 6.7%. Hotel and restaurant taxes were also up $197,000 or 7.0% as a result of increased outdoor activities and post season baseball.
“This year’s surplus is a step in the right direction. Both of these revenue sources benefited from extraordinary events that boosted tourism such as post season baseball that occurred in the second quarter of the fiscal year,” said Paul Payne, City Budget Director.
As required by law, one-half of the city’s operating surplus will be deposited into the City’s Capital Fund. The year end results cited above are unaudited and represent preliminary calculations. The official, audited results will be published later this year in the city’s Comprehensive Annual Financial Report.
Comptroller Darlene Green remains committed to increasing revenue for the City of St. Louis, protecting the City’s credit rating and ensuring tax dollars are spent wisely.
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