By JODI MYERS
Daily Globe News Editor
SHELBY - Members of Shelby City Council met on Monday evening and were given a brief update on city finances.Giving a report from the Finance and Personnel Committee, Councilmember Pat Carlisle said the committee reviewed the financial statements for June 30, 2014 as compared to the financial statement of June 30, 2013. In her report, Carlisle said the total city income tax receipts were up from last year by 14.29 percent, which she noted is well above what was projected. "The greatest increase was in employee withholding up by 17.57 percent, while business increased by 11.70 percent and individual taxes increased by 3.39 percent," she said. Further in her report, Carlisle noted income tax transfers to the General Fund were up by $194,624. "General government administrative fees increased by $288,579 as a result of changing from five percent to six percent at the beginning of 2014," she explained. "Expenditures from the General Fund were lower than last year by $58,159." Carlisle also explained the General Fund showed a positive balance of $314,156 on June 30 with encumbrances of $117,537. "Looking ahead there will be three payrolls in August," Carlisle said. "Each payroll is approximately $94,000." She said the Court Probation Fund still showed a negative balance, but is expected to recover by October. "Wages in Court Probation are paid from the General Fund," she said, while pointing out a decrease was noted in the collection of court fines. She also reported the Police and Fire Pension Funds were looking better, but have cash balances more than 70 percent less than June, 2013. "Capital Improvement Fun had a cash balance of $437,603, which is $77,813 less than last year at this time," Carlisle said. "By ordinance, no General Fund monies will be transferred into the Capital Improvement Fund for the entire year of 2014." "All three utility funds (sewer, water and electric) were performing well and showed reasonable cash balances," Carlisle said. "To date, all three showed revenues exceeding expenses. However, there were increased expenditures for wages, hospitalization, purchased power and administrative costs." In a final note, Carlisle explained the Sharing Fund showed a negative balance resulting from a policy change in payments for heating assistance from February 18 through June 2. "Payments have been suspended for July and August to help the fund recover," Carlisle said, noting the Sharing Fund receives a monthly average of about $2,600.