While it remains to be seen whether or not it is just a flash in the pan, the county’s financial picture seems to be improving so far this year.

The county has seen increased returns on revenues from sales tax and conveyance fees — two key revenue sources that took a beating last year — through the first two months of 2010.

Delaware County commissioner Tommy Thompson said the county budget picture may look more positive, but he’s still guarded. The bubble could still burst, he said.

“While I’m very optimistic, I’m still cautious,” Thompson said.

Still, county auditor George Kaitsa said he’s encouraged by the first two months of 2010, particularly because sales tax revenues, the county’s number one revenue source, are performing better than expected.

Sales tax revenues, are up about $429,000 — or about 8 percent — over where they were last year at the same time.

That amount might seem relatively small, but the increase is significant because it reflects increased holiday season spending in 2009. This could mean an increased level of consumer confidence, Kaitsa said.

“I think that makes a statement that we’re seeing some strength on our tax returns,” he said.

Meanwhile, fees the county collects on property transfers are up $102,000 from where they were last year.

The improvements in both areas aren’t definitive evidence that the economy is improving, but they’re positive signs, Kaitsa said.

“At least through the first two years of the month, we are very encouraged with what we see,” he said.

However, another key revenue area for the county continues to struggle. Interest on county investments was only about $59,000 over the first two months, about one-tenth of what it was a year ago. The income for the same period was as high as $1 million as recently as 2007.

In a memo to the county commissioners sent late last week, county administrator Dave Cannon said this revenue would likely increase as the year went on because of how county treasurer Jon Peterson reported the numbers.

Despite some encouraging signs, Cannon said in the memo he is not yet willing to change his financial projections for 2010 based on only two months of economic data.

“While we are off to a good start for revenue purposes, we must continue to monitor the economy to see if these trends will continue or if they are temporary improvements,” he said.

atobias@delgazette.com