The Parker Town Council is pleased to announce that the Town’s financial reports for the first quarter of 2012 show positive results. Due to the Town’s conservative planning and budgeting, first-quarter revenues outpaced budget projections and expenditures are within budget expectations.
Gains have been seen in sales tax and building-related revenues. Total General Fund revenue is 7 percent higher than the same time period in 2011. Sales tax, which accounts for approximately 83 percent of all taxes collected by the Town, has also shown positive growth and receipts are 8.6 percent ahead of the same time period in 2011.
The number of construction projects taking place in the Town has also significantly increased, resulting in additional building-related revenues from construction use tax and new development excise tax. These fees are tied to building construction and are collected when a building permit is issued for the construction project. The Town’s 3 percent use tax supports parks and recreation capital projects (0.5%) and streets capital projects (2.5%). Excise tax is primarily used for capital improvements for streets, parks and recreation and municipal and police facilities.
First quarter 2012 use tax is nearly $284,000 higher than the prior year, largely because of the increase in the number of single-family residential permits issued in Parker. New home construction has continued to improve since its all-time low in 2009. In the first quarter of 2012, 87 single-family permits were issued, compared to 23 in 2011. Year-to-date excise tax revenue is also outpacing 2011, with a 224 percent increase.
Overall, the Town is doing better than projected financially. Although these numbers could vary as we progress further into the budget year, all Town funds currently have positive fund balances and revenues are outpacing expenditures. Revenue expectations are being met and expenditures are within budget one quarter of the way through the year.
Revenue results from the second quarter of 2012 will be available in early August. To read an in-depth first quarter finance report, please visit us online at www.parkeronline.org/financialreports.