It’s time to start thinking about the city’s budget for the next fiscal year that begins July 1.
Council members will have to sharpen their pencils because sales tax revenue is down. Money from sales taxes makes up about 15 percent of the city’s budget.
This year’s budget was almost $226 million. That budget included a 3 percent growth which didn’t happen. In fact, sales tax revenue collections are down 6.5 percent for the first seven months. City officials made a $745,000 adjustment in the budget in November once they saw the money wasn’t coming in.
Charges for city services brings in 34.9 percent of the money that makes up the city’s budget. Another 46.7 percent of the budget is in reserves.
Licenses and permits brings in only .6 percent of the budget. City officials only see 1.3 percent of the money coming from interest. Not much there any more.
Still yet, Edmond officials don’t have as many problems are other cities where employees have been let go and services have been trimmed.
Budget talks start at 2 p.m. Feb. 24.