Lockport Union-Sun & Journal — The Town of Lockport received 46 percent more revenue than it had budgeted, despite planning to use a significant amount of its fund balance in 2011, a independent auditor said.
According to a report from Lumsden & McCormick, a Buffalo accounting firm, the Town of Lockport had budgeted the use of $841,000 of its fund balance. Instead, what Lockport actually received was $1.2
million more in revenue and expenses came in under budget by $437,000 or 12.4 percent. The 2011 budget was $13.7 million, about $385,000 less in spending than 2010. Revenue totaled about $14.1 million, the auditors said.
Last month town officials said a major reason why was that the town received more sales tax revenue than it had budgeted.
When the 2010 census results came out in March 2011, they showed a population increase for the town, which led to it receiving more of the overall Niagara County local sales tax. The county keeps 47 percent of the sales tax and divides the other 53 percent among municipalities, based on population. Lockport received $500,000 more in sales tax revenue, about 11.5 percent.
Lumsden & McCormick reported sales tax and property tax make up about 74 percent of the town’s revenue. Property taxes dipped slightly in 2011, coming in about $49,000 less than in 2010. Home and community services are the largest expense Lockport incurs, making up about 44 percent of total expenses. But the services were about $213,000 less in 2011 when compared to the previous year.
For the town, total fund balances increased to $7.2 million by the end of 2011, up from $6.9 million reported in the previous year.
The audit report did not find any discrepancies with the town’s finances.
”The town’s finances are run efficiently,” Councilman Mark Crocker said, when mentioning the audit report at Wednesday’s meeting.
Contact reporter Joe Olenick at 439-9222, ext. 6241.
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