WILMINGTON, NC (WWAY) — In a proposal to the Wilmington City Council for their consideration Tuesday evening, City Manager Sterling Cheatham reports that the city will have an unexpected $1 million extra in sales tax revenue for this fiscal year.
“Based on current year receipts, it is forecast that the City’s sales tax revenue will exceed budget by approximately $1,000,000,” the city manager wrote in his proposal.
One line later, though, he’s ready to spend half of it on further studies and legal fees for the new Wilmington Convention Center hotel and the baseball stadium. The move would use the extra sales tax money to pay for the expenditures instead of taking it out of the 2012/13 budget.
“The total amount requested for both projects (hotel and stadium) is $492,760,” the proposal says. “In an effort to utilize unanticipated excess sales tax revenue and maintain the balanced recommended budget for FY 2013, it is recommended that Council approve this appropriation.”