A look back at the city of Story City’s fiscal year for 2016-17 shows it was a banner year.
City Administrator Mark Jackson provided the city council with details of the financial highlights on Monday night.
The city’s general fund balance is $869,000. “Our goal that we should have for the ending balance is around $430,000, so we’re about twice where we need to be, so we’re pretty solid there,” Jackson said.
The local option sales tax received was nearly $485,000.
“That’s the most we’ve ever received from the local option sales tax in a year,” Jackson said. “In fact, the second highest was a couple years ago with $455,000, so we surpassed that by about $30,000.”
The local option sales tax is based on retail sales countywide and then distributed, based on a per capita basis. “The county as a whole had sales tax dollars up significantly,” Jackson said.
In past years, the city has lost an average of about $65,000 on the community swimming pool. The last fiscal year showed a smaller loss of about $16,000.
“Our attendance is way up,” Jackson said. “We used to get between 5,500 and 6,500 attendance in a year, but by the end of July this year, we were at about 10,600.”
The road use fund dipped from about $267,000 down to $241,000 due to the Elm Street overlay project. However, that project cost $140,000, “so we really didn’t dip that much,” he said.
“The target balance is about $100,000, so we’re way above where we need to be cash-wise with that fund,” Jackson said.
Story City received $122,000 in hotel/motel tax revenues.
“That’s the most we’ve ever received,” Jackson said. “And that’s all generated by the hotels here in Story City.”
The fund balance of every one of the city’s utility accounts increased.
“Overall, it was one of the best fiscal years we’ve had,” Jackson said. “It was a good year. I know that there’s a lot of inconvenience right now with some of these projects, but when they’re done, they’re really going to add some really good impact.”