How to resolve AdBlock issue? SARATOGA SPRINGS — A preliminary financial report released by the city this week indicates Saratoga Springs is operating on a $9 million surplus in its general fund, with the estimated excess fund balance of $1.9 million.
“While 2021 was a robust year and while our total revenues have never been this high, this is partly due to one-time events - such as $3.9 million in ARPA federal funding, as well as a one-time $2 million revenue generated in the sale of city property,” said Finance Commissioner Minita Sanghvi, who presented the report to the City Council at its May 3 meeting. The city had two significant property sales in 2021 – one on Henry & Caroline streets, and one on Broadway. The city Fiscal Year ended Dec. 31, 2021.
“I am optimistic about our current financial outlook but also cautious about the future. We’re still seeing waves of COVID raging through our community. And we have a third EMS/Fire station to build and we have to fund the hiring of fire-fighters,” Sanghvi said, in a statement.
Some highlights of the report:
- Sales Tax revenue increased by 35.4% in 2021 over 2020 and totaled nearly $15 million.
- Hotel Room Occupancy Tax increased by 120% in 2021 over the previous year and totaled $587,000.
- Health insurance costs for 2021 were $7.265 million, a 1% increase.
The document will be reviewed by the city’s auditors in the coming months, with audited financial statements to be released in late September. Sanghvi said she will provide recommendations regarding the excess fund balance in October.
