real estate boom in Hudson, revenue from mortgage tax is 110 percent of what was budgeted.
Campbell reported a $1,757,660 decline in revenue in 2020 and predicted the City would end the year with a revenue loss of between $1.5 and $1.8 million, which will have to be made up by drawing on the fund balance. The 2021 budget that was passed in November was balanced with, according to Mayor Kamal Johnson, "just over a half million" from the fund balance. In September, Campbell told the Finance Committee the fund balance at that time was $2,748,452. It doesn't take advanced math skills or even a calculator to realize we are getting very close to running out of money in the fund balance.
On the expense side, Campbell reported that spending in 2020 was the same as it was in 2019. The amount for 2019 was $9,302,222; the amount for 2020 was $9,280,823. In 2019, there was $300,000 in CHIPs (Consolidated Highway Improvement Project) expenditures, which did not occur in 2020, so in actuality, spending in 2020 was $278,000 more than in 2019.
COPYRIGHT 2020 CAROLE OSTERINK