Recent revenues collected by the city of Cannon Beach from its Transient Lodging Tax exceeded expectations.
The city collected $378,897 more in revenues than was estimated in the budget. This is in part due to the way the budget was written in response to the COVID-19 related restrictions.
“When we did the budget in May/June we were very conservative in our revenue estimates,” said City Manager Bruce St. Denis in an email.
“Our fourth quarter started April 1st (and) goes through June 30. If you recall at that point we were shut down and did not know for how long so we budgeted zero income for the (quarter) and based our cash flow projections on that.”
“Because we ended up being open for the last month of the quarter (June) we actually received $378,897 in TLT so that far exceeded our projections hence the good news,” St. Denis said.
The city is expecting to have a “strong first quarter (July through Sept. 30) so we think we will far exceed that quarter also,” he said.
“Because we are not sure of what the future holds we remain conservative in our spending,” St. Denis added.