KNIGHTDALE - Unexpected jumps in property values, the relocation of sales taxes, and the delayed completion of town projects helped Knightdale earn $1.13 million in fiscal year 2011, up from a mere $14,000 in 2010.

An audit of the town's revenues and expenses was released and presented at the Nov. 16 Town Council meeting.

Anchoring the town's leap in revenue was collection of property taxes, James Overton, Knightdale's finance director said.

Knightdale saw an unexpected 5 percent jump in property values, earning Knightdale a total of $5 million, up from $4.6 million last year.

"We didn't budget a 5 percent increase in values," Overton said, noting that Wake County tax collectors garnered 98 percent of all property taxes in 2011 - up from an average of 97 percent in previous years. "So that's money we had not budgeted to spend."

Also, due to changes to the formula by which sales tax revenues are distributed, Knightdale saw it's sales tax revenues jump from $1.7 million in 2010 to $1.99 million in 2011.

Before 2011, sales taxes in each town were redistributed across the state. Now, "more money comes back to the counties where people purchased those goods," Overton said.

"We're very fortunate to live in Wake County," he said.

On paper, Knightdale also benefited from the slow completion of town projects.

The town planned on completing a turn lane in front of the BB&T bank on Widewaters Parkway and Knightdale Boulevard, a planning grant to study potential new sidewalk locations and the conversion of about 10 police cars from gas to liquid petroleum.

"But those (projects) weren't complete in fiscal year 2011 and thus were carried over to this year," Overton said.

Overton says he doesn't expect the town's pockets to be so heavy next year.

In addition to those projects, much of the town's extra cash will go toward payments on the upcoming park on First Avenue.

And in fiscal year 2013, Knightdale will take over payment of salaries for five new public safety officers who were hired in 2011.

The town in 2011 received federal grants to pay for those positions, but the grants expire after two years.

"Our department heads and Town Council deserve credit for keeping expenses in line and being conservative with funds," Overton said. "We wouldn't be in such a fortunate position without them."

Knightdale has received a Certificate of Achievement for Excellence in Financial Reporting 19 years in a row.