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April 21, 2013

Norman’s General Fund depleted by 93 percent in just six years

(Continued)

NORMAN —

Until the final tally, those numbers remain uncertain.

Like most Oklahoma municipalities, Norman relies heavily on sales and use tax — a highly volatile revenue source. Norman’s percentage change in sales tax from year to year, when graphed, echoes the 10 year history of the Consumer Price Index, following national economic trends.

Some cities, such as Edmond, earn additional revenue from electric utility sales. Norman’s enterprise funds — operations financed and operated like a private business — include water, sewer, and trash. But those funds operate based on rates that are only increased by voter approval. Rather than generating income for the city, those revenues meet the basic needs they are designed to cover but may not cover major capital improvements.

The Finance Committee discussed the General and Special Revenue funds budget this past week. Enterprise funds will be discussed in the council study session on April 23, while capital funds will be discussed on May 7.

A public budget hearing is slated for May 28, and the council will consider the budget for adoption on June 11.

Joy Hampton

366-3539

jhampton@

normantranscript.com

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