New Castle News

Local News

March 27, 2013

New Castle ends 2012 in the black

NEW CASTLE — The city of New Castle ended 2012 on the plus side financially.

Revenue exceeded expenditures by $1,074,446, according to a yearend report, chief financial officer/business administrator Stephanie Dean said.

The figure was about half as much as the city experienced for 2011, which showed revenue exceeding expenditures by $2,107,464.

However, Dean said, the 2012 figure was “pretty close” to what the city had anticipated. The amount was down because the city had to pay more toward its debt in 2012, she noted.

It was the fourth consecutive year the city ended in the black since becoming a distressed municipality under Act 47.

The report was part of city council’s work session agenda Tuesday night.

General fund revenue, which covers daily operating costs, totaled $13,914,719, which was $819,748 more than had been budgeted.

The wage tax generated $3,841,096, approximately $400,000 more than had been budgeted.

Dean attributed the increase to the city having Berkheimer Tax Administrator collect the wage tax.

A 2008 state law consolidated tax collection districts in the state, essentially having one collector for each county. Berkheimer was selected to collect all wage taxes in Lawrence County.

The intent of the law was to create uniformity and efficiency in collections. But it also should mean additional revenue for municipalities because employers are now required to withhold wage taxes from employees’ paychecks.

Dean also reported the city’s cash on hand as of Dec. 31 was $3,387,993.10. The figure is nearly $200,000 higher than the 2011 balance.

(Email: jmanna@ncnewsonline.com)

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