St. Louis City ends Fiscal Year 2016 with a Surplus

ST. LOUIS, August 12, 2016—Today, St. Louis City Comptroller's Office announced the city ended fiscal year (FY) 2016 with a surplus of $2.4 million.This is the second consecutive year that the city has seen an operating surplus;FY 2015 ended with a $2.2 million surplus.Comptroller Darlene Green attributed the surplus to strong fiscal management and a slight reduction in budgeted expenditures.

"The City's $2.4 million year end surplus represents strong fiscal management and a modest reduction in budgeted expenditures." said Comptroller Green.

Total general fund revenues fell short of budget estimates, but total expenditures came in below budget estimates, as well.

"The largest shortfall from revenues came in the franchise utility tax category where natural gas tax receipts and telecom tax receipts fell well short of estimates by nearly 5.4%," said Paul Payne, Budget Director.

The $2.4 million operating surplus will accrue to the general fund balance as required by a new policy and budget ordinance.The new policy was established in an effort to boost reserve levels.

The year end results cited above are unaudited and represent preliminary calculations.The official results will be published later this year in the city's Comprehensive Annual Financial Report.

Comptroller Darlene Green remains committed to increasing revenue for the City of St. Louis, protecting the City's credit, and ensuring tax dollars are spent wisely.