Yukon’s finances continue to show growth

By TERRY GROOVER
tgroover@theyukonreview.com

“We’re back.”
Yukon City Manager Jim Crosby said the city’s finances are in good shape as the city enters into the new fiscal year.
The city’s account that is used to pay most of its bills had more than $9 million available as of July 16. That is $3 million more than it had at the same time last year.
Crosby said a portion of that amount is money that carried over from the last fiscal year, which ended June 30.
However, the city’s economy continues to do well, despite having seen lower sales tax revenues over the past year.
“We were close to breaking even,” Crosby said of the city’s sales tax revenues.
The good news was that Yukon’s sales tax in both June and July saw increases.
The July numbers are up about 3 percent over last year.
The city saw declines in sales tax for seven straight months leading to June.
Crosby said there are several factors that impact how much sales tax revenue the city receives. Those include businesses that pay their bill late or not in full, as well as shoppers who believe they are shopping in Yukon, but are actually shopping in Oklahoma City.
Tenth Street is the border between Yukon and Oklahoma City. Any businesses north of 10th Street pay sales tax to Yukon. Those south of the roadway pay to Oklahoma City.
Businesses such as Academy Sports and Outdoor, Five Below and Ross are in Oklahoma City despite having a Yukon mailing address.
Burlington has plans to open a store in the same area this fall.
Despite that, Crosby said Yukon is doing well.
During a city council workshop that was held before Tuesday’s regular meeting, Crosby said all of the city’s financial accounts are in good shape.
Crosby regularly updates the council on the city’s finances.
The city’s reserve accounts, which at the end of 2015 had less than $3,000 remaining, now have almost $6.6 million. That is up from $5.6 million on June 30, 2018.
The city’s ordinances require that the city maintain 25 percent of its general fund budget in reserve.
In other accounts, the city’s sinking fund and court fund are down from last year, but Crosby said he expects to see both increase over the next few weeks.
The sinking fund includes money received from property taxes related to general obligation bonds.
The court fund is made up of fees received through municipal court. The balance in that account is $137,709. However, that is down about $62,000 when compared to last year.
The city also has accounts for taxes received through the public employees sale tax accounts. These are accounts for the police, fire and general city employees.
Each account is up substantially.
The police account has $675,698; the fire account contains $389,429 and the general employees account has $831,125.
“We’re right where we want to be,” Crosby said. “We are starting the year in great shape.”

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