Dec 14, 2023 - The accounting firm Cherry Bakaert issued a “clean” audit report for the City of Hampton, City Council was told on Wednesday. The audit found no instances of noncompliance or material weaknesses.
Finance Director Karl Daughtrey also presented a summary of the city’s financial results. He noted some highlights:
- Meal tax revenue increased again in fiscal year 2023, beating projections by $3.8 million; however, the growth is less than the year before.
- Sales tax revenues also increased, but largely because of higher prices rather than economic growth.
- Hotel tax and increased $1.4 million above projections, as sports tourism at the Aquaplex and Boo Williams Sportsplex, as well as other venues, continued to bring in students and families.
- An expected $4.9 million in the revenue from the use of money and property — largely driven by higher interest rates.
Some of those are likely to be one-time increases.
The city’s long-term total financial condition is healthy, said Daughtrey, with a financially healthy amount in reserve funds. That is something credit rating agencies like to see and is a factor in the city’s credit rating. That ensures Hampton gets the lowest possible interest rate when borrowing for capital projects, like the new Wythe Fire Station.
In other matters, City Council approved measures that would allow:
- A large apartment complex at Commerce Drive and Pine Chapel Road. It would include about 380 units.
- An extended stay hotel at Hartford and Marcella roads.
- A rezoning and use permit that would complete approvals for the Riverside Behavioral Health & Recovery Center.