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Village finances soar with record tax revenue increase

August 20, 2024 | Golf Manor Village, Hamilton County, Ohio


This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »

Village finances soar with record tax revenue increase
In June 2024, the village reported a robust combined bank balance of $3,331,513.92, with $192,455.51 in primary checking accounts and $1,499,223.62 in a high-interest savings account. The village's dedicated funds contributed to a general fund income tax revenue of $124,364, marking a significant 45% increase in RITa collections compared to June of the previous year.

Overall, the village has collected $584,767 in general fund income tax receipts, which is approximately 11.7% higher than the same period in fiscal year 2023. Additionally, the village received $171,819.31 in general fund receipts, exceeding last year's figures by $37,893.09, further reflecting the positive trend in tax collections.

The Star Ohio fund earned $7,191.73, while the high-interest savings account generated $6,273.91 in interest for the month. The top five expenditures included payroll, DP's, Jefferson Health Plan, and Rumpke Container, with total general fund appropriations for June amounting to $191,110.76—an increase of $11,908.67 from fiscal year 2023.

Despite the positive financial outlook, the village has 18 outstanding payments totaling $321,596.27. Village administration plans to closely monitor spending and make necessary adjustments to ensure fiscal responsibility moving forward.

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