Wheeling Finances Show Solid Revenues Through January
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WHEELING - Revenues in the city of Wheeling are strong seven months through the current fiscal year, according to the most recent financial report.
The city’s fiscal year begins July 1 and continues through June 30. Members of the Finance Committee of Council recently reviewed the most recently completed monthly financial statement for the month of January with Wheeling City Manager Robert Herron.
"We’re actually pretty strong compared to the past three fiscal years in that the cash balance in the general fund is $3,034,000," Herron said.
By comparison, the cash balance in the city’s general fund during the same time over the past three fiscal years was $2.5 million, $2.9 million and $2.6 million, respectively.
Revenues from tax collections in the city - including Business & Occupation Taxes - have been up in recent months, according to the city manager.
"We’ve collected almost $600,000 more than the same time last year, and we’re at 65% of budget," Herron said of the city’s overall tax revenues. "The good news is that we haven’t finalized all of the B&O revenue for this quarter, which represents 75% of the (fiscal) year. But we are ahead of the same time last year by about $250,000, and we’re at 68% of the budget."
The fourth quarter of the fiscal year will include the B&O tax revenues for the months of April and May, Herron noted, predicting that the city will likely be on target to meet its budgeted B&O tax revenue projection for the third quarter.
"February is a large B&O tax month, as well, so at the end of this month, we’ll have a better idea at whether or not we’ll hit the 75% mark, but I believe that we will," he said. "The strong revenues are from B&O, sales tax and property tax. Those three are our biggest revenue sources, and they’re tracking very strongly for this year."
While revenues are ahead, the city’s January financial report showed expenses to be right in line with the 2023-24 fiscal year budget so far at 58%.
"Overall, we’re on track - a little bit ahead on revenues and right where we need to be as far as expenditures," Herron said.
Members of the Finance Committee of Wheeling City Council unanimously voted to accept the January financial report as received.