El Dorado Works tax at top of city council agenda

EL DORADO — The performance of the El Dorado Works economic development tax is at the top of the agenda for the El Dorado City Council’s regular meeting at 5:30 p.m. today.

Aldermen will convene in the Council Chamber of City Hall.

Robert Reynolds, chairman of the El Dorado Works Board, — which administers the city’s one-cent sales tax for economic development and infrastructure improvements — is expected to update aldermen on how the tax is faring so far this year.

During a city Finance Committee meeting last week, city officials noted that while tax revenues, including the El Dorado Works tax, are up, the numbers are yet solid enough to establish a trend for the year.

City officials are closely watching the numbers in light of a $1 million shortfall in the 2017 general fund.

The El Dorado Works tax is maintained separately from the general fund.

Financial reports that were presented for the first quarter of the year show that the El Dorado Works tax is ahead of projections.

The finance committee is comparing 2017 numbers to those of 2015, since revenues were down last year.

Alderman Dianne Hammond reported last week that the El Dorado Works tax is outpacing revenue from the same period in 2015 by 9 percent.

Reynolds is expected to discuss how much of the projected revenue for 2017 has already been committed and the status of the remaining balance and commitments of the former El Dorado Forward economic development tax, which expired on June 30, 2015.

Also under new business on the council’s agenda is a review of the city’s legislative audit.