The city council received a financial statement during its regular meeting that showed tax revenues up by double digits from a year ago. Sales tax revenues were up 10.3 percent in May compared to the same month in 2012, while franchise fees were up 5.2 percent, according to the report. Building permits were up 32 percent, continuing a sharp increase in the construction industry.
In addition, through 11 months of the city’s fiscal year budget, which runs from July through June, only 82.3 percent of the budget had been spent. Anticipating the growth to continue, last month the council approved a $49.7 million general fund budget for the 2013-2014 fiscal year, a 6 percent increase from the previous year. The Spectrum