The City of Jefferson received some positive news in terms of its financial status following the end of the 2021 fiscal year.

City Administrator Mike Palmer explains how the City managed to do better in both the general fund revenues and expenses than what was budgeted for the previous fiscal year that went from July 1, 2020 to June 30, 2021.

“In general we ended up about $200,000 better in revenues than we had originally budgeted for. On the expense side we were about $200,000 lower. We netted almost $400,000 to the good for the general fund for the last fiscal year.”

Palmer says the major factors that impacted the general fund revenues were an additional almost $100,000 from property taxes and a one-time payment from the federal government to the police department related to COVID-19. Palmer points out there was a reduction in the police department expense budget because of the offsetting COVID-19 funding as well as about $80,000 less for parks and recreation, due to the community center not being used as much because of the pandemic.

Palmer says the finance committee is also looking at creating an emergency fund, which would be separate from the general fund reserves for situations like last year’s derecho storm.

“It makes for a much better financial position that we can show our bonding companies and the public that we’ve thought about this. We’re keeping things in reserve for when things do happen. The trick is on these emergency funds is that its still available for everyday events too, if we need to have it. But that’s up to the (City) Council discretion when they want to use that emergency fund.”
The city’s general fund revenue ended the fiscal year with $2,296,961, which outpaced the expenses of $2,122,808.