(Dublin) – The City’s revenue estimates over the past few years have been relatively flat, as office real estate assets have repositioned themselves within the market, affecting local income taxes, the City’s largest source of revenue. That conservative approach to estimating revenue coupled with controlling growth in operating expenditures has contributed to the financial strength this City is known and recognized for.
The City reported in its financial report for month ending June 30, 2019 that the period of flat revenue appears to be changing and trending upward. Through June 30, income tax revenue, the City’s largest source of revenue, has increased 2.1% or nearly $972,000 over 2018. This puts us 5.4% or $2.38 million over our income tax projection for the year. The City is cautiously optimistic that the growth will continue because of the City’s economic development efforts.
Income Tax Collections
City Council has approved a number of economic development agreements in 2019 with institutions and companies such as The Ohio State University, Ruscilli Construction, COHatch, Northwoods Consulting, Univar, Quantum Health, the Dave Thomas Foundation for Adoption, and City Barbeque. On top of our already strong tax base, these companies are expected to retain 535 employees within the City and bring approximately 900 new jobs to the City, resulting in nearly $20 million of income tax revenue over the term of these agreements.
Efforts to bring jobs to the City are essential in providing the financial resources needed to fund City services.
The General Fund is the City’s main operating fund and accounts for the expenditures associated with providing most of the City’s services. The health of the General Fund is used as an indicator of a local government’s overall financial strengths. The City reported that the General Fund remains strong, with a fund balance of 77% of budgeted 2019 expenditures. The fund balance is much like an individual’s savings account. If the City were to receive no revenue over the course of the next year, 77% of expenditures could be met using that fund balance. This level of fund balance is approximately $20 million in excess of the 50% reserve level mandated by the City’s General Fund Balance Policy. And please note, a 50% reserve level is twice the amount of generally accepted local government best practices.
General Fund Balance
The financial state of the City remains strong. As financial stewards of the community’s tax dollars, the City continues to budget appropriately, always looking for more efficient ways to provide services.
Click here for the complete financial report for month ending June 30, 2019.
More Resources
- Annual Operating Budget
- Five-Year Capital Improvements Program
- Comprehensive Annual Financial Report
- A Resident’s Guide to Understanding Local Taxes
- OhioCheckBook.com
Media Contacts:
Sarah McQuaide, Public Information Officer
City of Dublin
614.410.4523 – Desk
614.593.9438 – Cell
smcquaide@dublin.oh.us
dublinohiousa.gov/newsroom
