Fuquay-Varina commissioners got some welcome news recently when Director of Finance Carla Morgan made her first quarterly report of the town’s finances in the current fiscal year.
In the first three months of the 2013 fiscal year, the town received $997,000 in property taxes compared to $831,000 in the same period last year. Wake County collects taxes for Fuquay-Varina, sending reports in weekly.
Morgan said the town expects “in a normal year” to receive 10 percent of the budgeted total in property taxes by the end of the first quarter. This year funds collected by the end of September equaled 12 percent of the budget estimate.
Revenues from building permits showed a substantial increase as well, totaling $131,700 compared to $93,000 last year.
Most of the other sources of revenue showed increases also in Morgan’s report.
She said the town runs three months behind getting figures on sales tax revenues, but added, “We know first quarter sales were very strong.”
Water and sewer capacity fees are also ahead of last year, an indicator of new development taking place. The first quarter report shows 223 permits issued in the first quarter of last year, compared to 259 this year.
“We saw at least a small increase in almost every category,” Morgan said. She cited equipment maintenance as one of the few categories in which expenditures are running a little high compared to what was anticipated.
“We will mark that as something to watch,” she said. She pointed out that some of the town’s equipment is getting old and needing repairs more frequently.