Wilkes-Barre finances looking good as year comes to a close – Wilkes-Barre Citizens’ Voice

The City of Wilkes-Barre’s finances appear to be in good shape as the end of 2024 approaches.

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The city had received $36,972,562 in tax revenue as of Nov. 30 — nearly 102.8% of the $35,976,050 amount that was budgeted, according to the monthly financial report for the month of November.

In what could be viewed as a troubling sign, overall expenses outpaced revenue as of the end of the month. The city had received $49,479, 706 or 91.21% of the $54.25 million budget and had spent $49,491, 906, or 92.06% of the budgeted amount.

City finance director Brian Swetz said the December financial report will show an improved revenue balance because none of the budgeted transfers to the General Fund occurred as of the end of November.

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These transfer events will occur by the end of December 2024 if they haven’t already, Swetz said.

As of Dec. 17, the general fund cash balance was $3,088,268, and the estimated payroll for Dec. 27 — the final payroll for the year — was approximately $850,000.

The City fared especially well this year in earned income tax revenue.

Mayor George C. Brown and his administration budgeted $17 million in EIT and received $19,063,788 as of Nov. 30.

The City also received about $11.36 million in property taxes, just about $340,000 shy of the $11.7 million budgeted, but well over $900,000 more than was received by the same point in 2023.

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The City also was coming up a bit short in projected real estate transfer taxes, taking in only $2.37 milion of the $2.6 million budgeted.

Keeping a handle on overtime this year was hit and miss.

The police department had spent about $304,589 of the $335,000 budgeted for the patrol division, while the fire department had spent $396,059 compared to the $320,000 budgeted.

The Department of Public Works did especially well in the overtime columns, spending only $98,950 of the $225,000 budgeted.

December’s financial report is expected to provide a clearer picture of the City’s overall financial health. It should be available around mid-January.