City finances improved in 2013
Report shows 2014 is off to good start and more businesses on way
Financial information presented at a recent study session indicated good news for the City of Englewood.
The unofficial numbers from 2013 painted a favorable picture of Englewood finances compared to 2012 and 2014 is off to a good start.
Finance Director Frank Gryglewicz said it was easy to give a good report as he made the presentations to the Englewood City Council at the Feb. 24 study session.
The numbers will become official, Gryglewicz said, when the annual audit of city finances happens later this year. However, he said he doubted any of the number in the unofficial report will change drastically after the audit.
The report showed a $934,000 increase in city revenues over 2012. Gryglewicz said much of the revenue increase can be attributed to higher sales and use tax collections, the largest source of city revenues. The report also showed the 2013 numbers were about $1 million higher than the sales and use taxes collected in 2012.
Another area of marked increase was collection of license and permit fees. Gryglewicz said the revenue source was about $463,000 higher than the fees collected in 2012.
“Along with higher revenues, spending was about $201,000 less than in 2012,” the finance director said. “The combination of higher revenues and lower spending means the city had an unassigned reserve of almost $7 million.”
He said that was a favorable indication because the 2012 budget estimated 2013 end-of-the-year unassigned reserves to be about $3.6 million.
Gryglewicz also presented the January financial report, which also was favorable as the revenues collected were $4.2 million on about $460,000 higher than collected in January 2013.
Again, sales and use tax showed a marked increase. The report showed the city collected about $3.2 million in sales and use tax, which is about $352,000 more than during the same period the prior year.
“We had a good January report last year and February was also pretty good,” Mayor Randy Penn said. “But we then had three months where sales and use tax collections were below the previous year’s collections. We have to keep a close eye on the financial trends so we can react quickly if there is a decline in revenues.”
Penn noted he was encouraged by the news that three new businesses plan to locate in Englewood. He said the Sprouts development at Belleview and Broadway has leased retail spaces to the Five Guys Burgers and Fries, Mattress King and Great Clips. He also said that the tool company Harbor Freight has leased half the space formerly occupied by Sports Authority in the CityCenter development.
“There are a lot of good things going on in Englewood and I feel the future looks good for our city,” he said.