Austin in the money: $8.6M surplus in 2012Austin in the money: $8.6M surplus in 2012https://www.recenter.tamu.edu/news/newstalk-texas/?Item=84182013-01-30T08:05:00Z2013-01-29T00:00:00Z

AUSTIN - The City of Austin ended fiscal 2012 with an $8.6 million surplus, driven by an increase in sales tax and development revenue and a small dip in expenditures. Sales taxes in 2012 were up 8.6 percent over 2011 and $5.4 million above the budget estimate.

Development revenue was up 30 percent for the year, totaling $16.9 million. This number eclipses 2011's $13 million and exceeds the $12.7 million that had been projected. Residential building permit units were up 116.4 percent over 2011.

The city collected $164.2 million in sales taxes in 2012, up from $151.1 million in 2011. Austin saw the third largest increase in year-to-year sales taxes among Texas' major cities, behind Houston's 11.7 percent increase and San Antonio's 9.7 percent increase.

Property taxes tallied $278.5 million, up from $251.4 million the prior year. For 2013, property tax revenue is projected to increase 4.4 percent to $313 million.

This year, sales tax revenue is projected to increase 13.7 percent to $166.4 million and total expenditures are projected to be $742.7 million.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/news/2013/01/24/austin-in-the-money-86m-surplus.htmlRead more at {Source}

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