General Fund Revenues Better Than Projected
City of Corpus Christi
CORPUS CHRISTI (News Release) – At the November 16, 2021 City Council meeting, City Manager Peter Zanoni presented Mayor Paulette Guajardo and the City Council Members with the Fiscal Year (FY) 2021 Fourth Quarter Budget and Finance Report for the fiscal year that started on October 1, 2020 and ended September 30, 2021.
Net General Fund revenues over expenditures were better than projected due to several reasons. Sales tax revenue was $1.9 million over the year-end estimate; property tax revenue was $1 million over the estimate; and the Texas Ambulance Supplemental Payment Program (TASP) was $3.7 million over the year-end estimate.
Hotel Occupancy Tax (HOT) revenue was higher than projected due to the best Spring Break and summer season in the City of Corpus Christi’s history. The City’s Water and Wastewater Funds also received more revenue in each respective fund that had been budgeted and incurred lower expenses than budgeted.
Overall, the City ended FY 2021 with a strong financial position. City Manager Zanoni said, “One of my continued focus areas is for our city organization to be a well financially managed entity. We are making good on that promise with the year-end financial report presented to City Council today.”