Cookeville’s Revenues, Expenses In Good Shape Mid Year

Despite concerns at the state level over tax collections so far this fiscal year, Cookeville’s revenues at the halfway point appear to be on target.

Through December, Finance Director Brenda Imel said the city’s general fund revenues currently stand at 48 percent of budget. Sales tax revenues are on target for the first half of the fiscal year.

“Other revenue is already at 133 percent of budget and that line includes interest revenue on our bank deposits, and that is tied to the fed funds rate, which continues to remain the highest it’s been in many years,” Imel said. “Building permits are also trending ahead already at 79 percent of budget, so you can see licensing permits there at 69 percent of budget.”

City expenses are down in large part, Imel said, because the city started the year with numerous job openings. Currently, the city reports seven full-time positions needing to be filled. Overall, the city’s expenses lines are at 44 percent of budget for the year.

Cookeville has only spent about 18 percent of this year’s capital budget or about $1.49 million. Imel said she expects numerous projects to carry over into the next budget year.

“We had budgeted an overall large deficit this year with all the capital items that we we’re getting,” Imel said. “Through the first six months, we’re running a little bit of a surplus because all that capital hasn’t been purchased.”

Cookeville budgeted some $19.29 million in sales tax revenue this year.

The state will begin budget discussions next week, with revenues expected to be down over previous years.