City’s August gross receipts up over projections
August 19, 2010
The City of Belen will receive more than $468,000 in gross receipts tax revenue in August, up $33,000 over projections.
The city needs to receive at least $435,000 each month to afford the bills. The new budget is based an expectation of $435,000 in gross receipts tax revenue each month.
The city has also been notified that the New Mexico Department of Finance and Administration (DFA) has given final approval to the city’s current fiscal year budget.
In its approval letter, DFA cautioned the city that the budget is tight.
“Your projected cash balance of $3,142 above our 1/12th reserve requirement is extremely low. Despite your diligent efforts in coming within budget, careful monitoring and aggressive revenue collections is recommended to avoid financial problems in the future,” the letter reads.