Ten months into the 2015 fiscal year, the City of Tulsa’s budget is looking better than expected.
In an update to the city council, Finance Director Mike Kier said with two months to go, revenue is ahead of what they anticipated.
"Instead of $261.4 million — in round numbers — we'll be at $265.3 million, pretty close to a $4 million better revenue position than originally anticipated, much of that coming off the sales tax side," Kier said.
Expenditures are up $2 million, however, partly for increases to city pay scales.
"We're losing people to other businesses and to other cities in the region based on our pay scales, so that movement is pretty critical," Kier said.
Many city departments have pay scales with a higher starting rate beginning this month.
Overall, there should be about $3 million dollars that can carry over to fiscal year 2016.
"The way the budget has been developed, we expect to be authorizing some expenditures at higher levels than the ongoing revenues," Kier said. "The revenue estimate for FY16: $271.9 million, with the expenses set out at $274.1 million."
