Spencer, IA (KICD)–The city of Spencer is sitting in a very strong financial position.
Deputy City Manager and Finance Officer Brian Weuve says Spencer’s 2012-2013 ending fund balance was just over $24.1 million.
Weuve noted that taxable valuation for Spencer is up over $147 million in the past 13 years and sits at over $420 million. $4.8 million was generated through the city’s tax levy of $11.83 per $1,000 of taxable valuation.
Revenue for the 2013 fiscal year stood at over $31.6 million with $33.95 million worth of expenditures.
The city currently has $15.525 million of outstanding debt and spent over $6.38 million on capital improvement projects. Local option sales tax revenue was up 7.23 percent to over $1.945 million with hotel-motel tax revenues down 2.45 percent of over $194,000.