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City Projects $1.6 million More Revenue in FY 2017

College Park is are currently projecting approximately $1.6 million more in revenue than originally budgeted.

According to City’s Finance Director, the primary drivers for the additional revenue are:
– $250,000 and $150,000 more from Real Estate Property Tax and Personal Property Tax, respectively;
– $600,000 more from State Income Tax ($432,000 of this due to a State error in the remittance of income tax from 2010 to 2014);
– $400,000 more in Hotel & Motel Tax; and – $200,000 more from net Speed Enforcement Camera revenue.

The City does not have a projection of FY 2017 expenditures at this time although it does not anticipate any significant over expenditures, notwithstanding the $149,856 budget amendment approved in November 2016.

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