$3.6 Million Oil/Gas Windfall for Ruston

Oil/gas lease payments and increased sales taxes related to oil/gas activity have resulted in a $3.6 million dollar windfall in revenue for the City of Ruston, budget documents reveal. That amount represents about a 6 1/2% increase in the revenues as published in the 2015 budget summary last August.

An ordinance that was introduced – along with a summary of budget amendments – at last night’s meeting of the city’s Board of Aldermen show $2.61 million in “Revenue from oil and gas leases of City property,” and just over $1 million in addition sales tax revenues from “Oil and gas exploration activity.”

See here the documents.

Last night several significant budget amendments for the increased sales tax revenues were passed without discussion.

The amendments transferred the $1 million to the general fund from the three sales tax funds in which the monies were collected, and then most of the funds were in turn transferred to several departments: Police ($157 thousand), Fire ($157 thousand), Parks & Recreation ($30 thousand), and Executive Department – Consulting ($414 thousand).

The Executive Department – Consulting line item includes $330 thousand “to fund the expenses related to Monster Moto site at Old Airport.”

See here the documents.

All the amendments are for the just ended budget year 10/1/2014 – 9/30/2015.

At the 10/5/15 council meeting, the $2.6 million lease payments amendment was approved, and the money was transferred into the general fund.

See here the document.

In other business, the council approved two property purchases near the McDonald Avenue Industrial Park, 25 acres for $125 thousand, and 34 acres for $187 thousand.

The property is north and east of the Stowe-Wooward plant and is adjacent to the KCS Railway tracks.

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3 Responses to “$3.6 Million Oil/Gas Windfall for Ruston”

  1. Oldman Says:

    I wish some of that money would come south to Jackson parish.

  2. MeowMix Says:

    I figured 4Paws would be flipping out, trying to get some of that money for their shelter.

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