Town of Erie’s 2016 Surplus
Exceeds Budget by over $3 Million
The 2016 Town of Erie year-end preliminary financial results show a General Fund surplus of approximately $3.7 million compared to a budgeted surplus of $624 thousand.
Revenues were $1.7 million over budget while expenses came in under budget by approximately $1.3 million.
Ending fund balance available for Town operations increased from $9.2 million at the end of 2015 to $12.8 million at the end of 2016. This equates to 91% of 2016 personnel and operations/maintenance.
Highlights of the year-end results include:
Sales Tax Revenue: 14% over budget and 23% over 2015 due to strong retail sales increases throughout the Town, the opening of King Soopers and an increase in vehicle sales tax. In addition, there were several one-time sales tax receipts during the year.
Construction-related revenues which include use tax; building permit fees and other related revenue was $615 thousand over budget and $849 thousand over 2015.
Strong expense control resulted in personnel and other noncapital expenditures being $1 million less than budget.
While these financial results are not final and have not been audited, significant changes are not anticipated.
Building a sustainable community includes building a financially sustainable community.
Erie, Colorado – the Best Place to Raise a Family!