City surplus jumps to $33 million

In her June newsletter, City Controller Annise Parker announced that the city's budget surplus had increased to $33 million -- $15 million more than last month's surplus:

The city's robust projected FY07 surplus jumped another $15 million this month thanks in large part to a FEMA refund for the city's Hurricane Katrina and Rita expenses.

Houston City Controller Annise Parker reported that the current Monthly Financial and Operating Report (MFOR) projects a $33 million increase in General Fund undesignated reserves compared to $18.1 million reported last month. This is the net result of a $13 million increase in projected revenues and a $1.9 million drop in expenditures.

Revenues

• Intergovernmental revenue rose $8.8 million because of FEMA repayment for city expenses during Hurricanes Katrina and Rita.
• Projected phone franchise fees are $2.9 million higher.
• Interest income jumped $2 million due to continuing higher cash balances.
• Other Taxes increased $575,000 because of third quarter mixed beverage tax receipt from the state.
• Projection for Miscellaneous/Other revenues dropped $6.4 million. [...]

Just thought you might find that interesting, especially the next time Mayor White says the city doesn't have money for ________ (fill in the blank).

Posted by Anne Linehan @ 06/23/07 10:13 AM | Houston Miscellany | Technorati | Sphere | Comments (8)

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