All Funds Section — SUMMARY OF FINANCIAL RESULTS November

1. When examining income tax withholding collections, inclusion of the Business Park results in a 7.49% increase compared to an increase of 8.62% in the General Fund, year to date. As abatements and revenue sharing agreements expire, Business Park revenue will shift to the General Fund. This, combined with increased construction withholding, has led to the General Fund outpacing the All Funds growth. In addition, 2022 saw a significant reduction in withholding from a few large employers located in the Central College EOZ, as indicated on page 12. This trend has continued into 2023 to date. Although income tax revenue is holding steady with 2021 collections, which was believed to be an outlier year, other factors are being monitored that could have a negative effect on this revenue. The City continues to adjust the operating budget when necessary as economic uncertainties materialize and a final adjustment will be completed prior to the close of 2023 in December.
2. Chart 8 shows the EOZ areas and provides insight into the breakdown of tax collections within the Business Park from which the City distributes between the General, Capital Improvement and Park Improvement funds.

Long Term Analysis

All funds other than the General Fund fall into four major fund types:

1. Special Revenue — a fund with a specific revenue source like a grant or TIF project with restricted expenditure requirements
2. Debt Service — the fund used for principal and interest payments for city borrowings
3. Capital Project — a fund used to pay for capital projects or infrastructure
4. Agency — a fund used for collection and distribution purposes (In/Out)

The YTD Fund Balance Detail, found in Appendix B, provides information on the financial position of these funds.

The Economic Opportunity Zones (EOZ) funds are useful in obtaining a holistic view of income tax collections. The city has revenue sharing agreements with the New Albany Community Authority, City of Columbus, New Albany-Plain Local School District, Johnstown-Monroe Local School District, and Licking Heights Local School District. Income tax collections within the EOZ are identified and shared based on the revenue sharing agreements for that area. Income taxes realized outside of the EOZs are distributed as follows:

101 General Fund 85%

401 Capital Improvements 12%

404 Park Improvements 3%

Income tax revenues from the EOZs are distributed as follows depending upon slight variations in the revenue sharing agreements:

New Albany General Fund 20-35%

School District (s) 35%

New Albany Community Authority 0-50%

Infrastructure Fund 0-30%

City of Columbus 0-26%

All Funds Section — REVENUE

Appendix A: General Fund Reports

Appendix B: All Funds Reports

Appendix C: Investments Reports