Progress Continues in Delivery of 2020 Bond

City of Corpus Christi

CORPUS CHRISTI (News Release) – The financial position of the City of Corpus Christi remains strong at the end of the first quarter of Fiscal Year (FY) 2022.  The first quarter period is October through December 2021.  The City’s Adopted FY 2022 Annual Operating and Capital Budget totals $1.2 billion. 

For the first quarter, City revenues were 2.7% higher than budgeted for all funds.  Expenditures were below budget for all funds. General Fund revenues were 5% (or $5.5 million) higher than budgeted for the first quarter of FY 2022, and General Fund expenditures were 22% (or %16.9 million) lower than budgeted. 

Property taxes, sales tax and emergency medical services revenue were all higher than budgeted in the first quarter. Both Water and Wastewater first quarter financial results were better than budgeted amounts.  Hotel Occupancy Tax revenues remain strong and exceeded budgeted amounts by 20.3% (or $636,000) for the first quarter.

The City’s budget initiatives included in the FY 2022 Budget are progressing as planned.  Of the General Fund’s 68 initiatives, 57 are on or ahead of schedule with 11 slightly behind schedule. Corrective action plans have been established to ensure each initiative’s timely completion.

All 42 projects approved by the voters in November 2020 for Bond 2020 currently are under design or in construction.  Twenty-five (25) projects are projected to be under construction by November 2022 which includes seven street reconstruction projects.

“I am so proud to share that the City of Corpus Christi continues to maintain a robust financial position. I along with City Council are dedicated to making responsible decisions regarding taxpayer’s dollars,” said Mayor Paulette Guajardo. “I also want to commend City Manager, Peter Zanoni, and city staff on the current in-progress status on 100% of Bond 2020 projects.”