Amid the COVID-19 pandemic and with unemployment at an all-time high, the City is carefully monitoring income tax income vs. expenditures to determine the impacts on the City's finances. Income taxes account for approximately 78% of our General Fund budgeted revenue. Our finances are holding steady, due in part to aggressive deferrals of projects and budget reductions earlier in the year. The City continues to monitor finances and has been providing monthly updates to City Council.
2020 Income Tax Revenue
This graph shows the 2020 monthly income tax revenue received by the City as compared to the monthly budgeted amount. Through December collections, the City was $2,714,292 (or 10.7%) ABOVE the budgeted estimate. Earlier in the year, there was uncertainty about collections due to the COVID-19 impact and the income tax filing extension from April 15 to July 15. Because of the filing extension, the City estimated deferred revenue for the months of May, June, and July. Since that time, the City has fully recovered the deferred revenue and collections have significantly exceeded original estimates. This strengthens the City’s overall financial position and will allow for increased infrastructure improvements and improved City services.
This graph shows the City’s income tax budget and actual along with the deferred revenue broken down by Fund. As approved by voters, income tax revenue is distributed to the General Fund, Hudson Parks, Hudson Fire/EMS and Hudson City School District. The graph also accounts for the “Expense Deferrals” which include budgeted expenses that have been deferred or reduced in response to the COVID-19 impact. The overall “Fund Net Impact” is a positive $7,161,045 including $3,172,987 in the General Fund.
2020 Budget in Brief The purpose of the 2020 Budget in Brief is to highlight key components of the approved budget and provide a basic understanding of the City of Hudson's major revenues and expenses, as well as capital improvements planned for the year. View the 2020 Budget in Brief here.
2020 Citizen-Centric Report
The Citizen-Centric Report is a 4-page summary of the City's financial status and major projects, including those we've accomplished and those we plan to accomplish in the next year. View the 2020 Citizen-Centric Report here.