TIPP CITY — At their meeting Tuesday night, the Tipp City Council reviewed the 2015 year-end financial report.
Finance Director John Green presented the 2015 year end review to council, noting that the city’s general fund ended the year better than initially predicted.
“That would be the 12th year in a row that we ended in a positive situation,” Green said. An operating deficit of nearly $300,000 was projected for the general fund, which ended the year with a gain of $217,346.
Income taxes were up more than 5 percent for the year, Green said. Interest income was about 42 percent under budget, in part because of a city policy limiting long term investments to three years, Green said.
“You really have to go out five years to move that interest marker,” he explained. “What I’m hoping to do is restructure that and bring that policy back to you all to look at.”
General fund receipts were a little more than $6.5 million, about $140,000 over budget. Expenses were just under $6.5 million, about $171,096 below budget.
The city’s electric fund ended the year with a $1.3 million deficit, which is less than the more than $3 million deficit predicted.
This is due to several capital projects that were completed in 2015, Green explained. These include the new Electric Utility Service Center and improvements to County Road 25-A.
Reach Cecilia Fox at [email protected] or at (937) 552-2205.