Mt. Vernon Register-News

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August 27, 2013

Budget review shows ups and downs

(Continued)

"Ovedrall, we are down .8 percent from the previous year; and down 1.5 percent for the year on the budgeted amount," Neibert said. "We will be monitoring these numbers very closely. We're anticipating the next three months to have better numbers."

Those better numbers expected are due in part to the closing of the Sears store, Neibert said.

"We are in a unique position with Sears," Neibert explained. "Our Sears, through liquidation, is getting more sales than the store in Fairview Heights. They are also running overstocks from other stores through our store."

Sears will be closing at Times Square Mall in September, and Hobby Lobby is expected to open in the space the first quarter of 2014 — in time to affect this fiscal year.

The Home Rule Sales TAx is showing larger deficits in the year-to-year comparison, down 3.6 percent for April and down 1.5 percent in May. Overall, there is a 2.5 percent decrease for the fiscal year so far, and a 3.6 percent year-to-date budgeted deficit.

The city is picking up ground overall from State Income Tax receipts. The receipts were down 12.3 percent for May; up 4.7 percent for June and up 3.6 percent in July.

"Overall, we are only down 1.1 percent from this time last year," Neibert said. "But, we are 2.7 percent up from our budget projections."

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