At Tuesday's Wichita City Council meeting, we learned that the second quarter (Q2) of 2022 is performing better than the Q2 2021.
Mark Manning with the city's finance department says general fund revenues are $6.7 million higher, with the majority of the increase coming from property taxes, sales taxes and franchise fees.
Sales tax is up $2.3 million, about 14%, over Q2 2021. While general fund expenditures increased by $4.2 million, it is consistent with their earlier estimates.
However, some potential bumps in the road exist. Manning warns that the remainder of 2022 and into 2023 could be impacted by economic trends and federal monetary policy. Any economic downturn could impact revenues but ARPA funds should stabilize and balance the budget through 2024.