Sales tax revenue for the most recent collection was up 5.1 percent — or $97,000 — compared to the same period last year, Chief Financial Officer and City Clerk Jason Muninger said this week.
“We are up 1.94 percent year-to-date over last year’s collection,” Muninger said. “And we are currently 4 percent over what we’ve budgeted for, so we’re about $377,825 over budgeted expectation.”
Muninger said year-to-date sales tax collections are up $185,000 for a total of $9,779,064, compared to $9,593,101 for the same period last year.
Use tax revenue for the period was a steady $388,745 compared to $398,000 collected the month prior. The use tax was implemented in January of this year, so there are no comparisons to prior years available. The City budgeted a conservative $2.5 million (or $208,333 per month) in use tax revenue for the year.
With only a few exceptions, City sales tax collections have shown increases over the past two and a half years, many times with record highs. Local shopping, inflation, and stimulus funds are thought to be factors in the increases.