The City’s Second Quarter Budget Report is in Strong Standing
CORPUS CHRISTI, TX – Earlier in today’s City Council meeting, City Manager Peter Zanoni reported on the City’s Second Quarter Budget Report. The financial position of the City of Corpus Christi continues to be strong through the second quarter of Fiscal Year (FY) 2020-2021. The first and second quarter periods include October 2020 through March 2021. The City’s adopted FY 2020-2021 Annual Operating and Capital Budget totals $1.0 billion. Through the second quarter, City revenues were 3.4% higher than budgeted for all funds. Expenditures were below budget for all funds.
"I am proud to say that the City of Corpus Christi continues to be in a robust financial position despite the COVID-19 pandemic. I am focused on responsibly spending taxpayer dollars while providing vital services to the community," Mayor Paulette M. Guajardo said.
General Fund revenues were 5.9% (or $10.3 million) higher than budgeted through the second quarter of FY 2020-2021, and General Fund expenditures were 8.8% (or $11.8 million) lower than budgeted. The increase in General Fund revenues can be attributed in part to additional payment-in-lieu-of-taxes (PILOT) revenue received sooner than anticipated from a large industrial property. Additionally, sales tax revenue through the second quarter was 5.9% (or $1.6 million) higher than expected.
Hotel Occupancy Tax revenues were 3.4% (or $186,000) less than budgeted through the second quarter of FY 2020-2021. The City is anticipating a very busy summer season and expects to be at or above budgeted amounts by year-end.
Production on city-wide street work continues to increase. Spending on non-bond street work through the second quarter of FY 2020-2021 was 133% higher than the same time last fiscal year.
The City’s budget initiatives included in FY 2020-2021 continued progressing as planned. Twenty-two of the 25 initiatives are on schedule, and the remaining three have action plans to ensure completion by year-end.