Sales tax revenue for the most recent collection was up 4.77 percent — or $93,000 — compared to the same period last year, Chief Financial Officer and City Clerk Jason Muninger said this week.
“This is the highest January collection on record, with receipts totaling $2,056,863,” Muninger said.
He said that for the year, sales tax collections are up $292,000 for a total of $13,792,578, compared to $13,500,626 for the same period last year.
“We are up 2.1 percent year-to-date over last year’s collection,” he said. “And we are currently 4.2 percent over what we budgeted for, so we’re about $561,000 over the budget expectation.”
Use tax revenue for the period, which reflects online sales primarily in November 2023, was $449,541. The use tax was implemented in January 2023, so there are no comparisons to prior years available.
“The use tax went into effect in January 2023, but we did not start seeing returns for it until March,” Muninger said. “So we should start having comparisons for that tax this spring.”
The City budgeted a conservative $2.5 million (or $208,333 per month) in use tax revenue for the fiscal year, which runs from July 1 through June 30.