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Minutes of the Regular Meeting of Council <br />November 21, 2022 <br />Page 11 <br />Mr. Wynne stated, yes, I would like to make a few comments on this. Our income tax <br />collections for October which were what RITA received in September were very strong. During <br />the month of September, that's when Progressive pays out some incentive compensations to their <br />executives, so we received that benefit. It was also when the corporations are required to file <br />their previous year net profit tax returns as well as make all the estimates for the current year. <br />That gave us a really strong tax collection of $1.4 million. That was offset by about $400,000 of <br />refunds, so we got $1 million. <br />As you saw, with a tax collection month like that, our General Fund increased by $215,000. <br />Looking at the last two months of the year, refunds are really starting to tailor off. We had <br />$400,000 last month. The refunds that you will see in the November financials are only <br />$159,000 and as of right now, what we are seeing in December is that they are only about <br />$30,000. So they have pretty much worked their way through the system. For the month of <br />November, our tax collections were $694,000, offset by $159,000 in refunds, so it's going to be <br />about $535,000. Taking into consideration the payrolls and the expenses for the month of <br />November, we should anticipate a loss in the General Fund of about $750,000 for the month of <br />November. <br />The month of December, we have 3 payrolls that month versus only 2. We have longevity <br />payments to the employees in the first week of December and also our Workers' Compensation <br />premium for 2023. So I think what tax collections will look like and some refunds coming <br />through, those payrolls and Workers' Compensation, we should anticipate a loss in the General <br />Fund in December of between $1 to $1.25 million. So looking at the last two months of the year, <br />which was anticipated with our budget, an additional erosion in the General Fund will be about <br />$2 to $2.25 million. Adding to what we currently have, it will be about a $4.5 million for the <br />year eaten into the General Fund based upon operating expenses. <br />Council President Schutt asked, any questions for Mr. Wynne? <br />There was none. <br />Council President Schutt stated, thank you, Mr. Wynne. <br />ROLL CALL: AYES: All Motion Carried <br />NAYS: None Financial Reports for <br />October 2022 Acknowledged <br />And Approved as Submitted <br />Council President Schutt stated, Motion carries. October 2022 Financial Report is approved. <br />C� <br />