Jim Martin
To the editor:
Well I said at yesterday’s board meeting that we would get our crucial revenue sharing on the last business day of October so I came in to check on it.
Earlier this year, due to Covid-19 the State Treasurer’s office gave us estimates that revenues were going to be down 7% — although because of the different fiscal years it looked like we would lose 10% to 14%.
We had budgeted receipts to get us to $665,000, with individual months:
(Two month lag based Sales Tax receipts)
April Jan-Feb 103,855
June Mar-Apr 102,195
Aug May-Jun 110,147
Oct Jul-Aug 120,024
State’s estimates of receipts
June 93,422 (-8,733) shortfall from budget
Aug 80,423 (-29,724) shortfall
Oct 102,121 (-17,903) running total of the shortfall 56,360 with more to come.
Received:
June 93,422
Aug 94,020
But it appears that President Trump’s economic advisors are a bit better than the governor’s.
We got a record $130,780, nearly $10,000 more than the best period ever. We received 120,871 last December.
Next month Treasury (which forecasted a slow economy until next August) had shown us to receive $99,658, which would be a 12,000 budget gap.
Now it is possible, since we don’t get a press release with this, that some of this is due to revised figures for the prior two payments. I could definitely see that for the August payment.
Not counting on better than state estimates, we will finish about $25,000 off from our budget of $665,600. We have received $441,400 to date, so really only need to return to normal for this year’s budget.
Jim Martin, Treasurer, Dorr Township
Great news Jim.
Thanks.