Sales tax receipts for the first month of Fiscal Year 2022-23 were up 2 percent over the same period last year — setting yet another record for revenue increases, CFO/City Clerk Jason Muninger said this week.
“This is the highest July on record,” Muninger said. “What’s extraordinary about that is that we have had roughly 16 months of increases in sales tax revenue, so we’re now comparing to fairly extravagant numbers when going back to the same period last year. Last year at this time we collected $1.84 million, compared to this year at $1.88 million.”
Muninger said collections for July were $1.88 million, about 85,000 over the anticipated budget.
“We are continuing an upward trend despite expectations that we would see decreases due to the higher-than-usual numbers over the past 16 months, so that is very good news,” Muninger said.
He said revenue over what was budgeted in FY 2021-22 was carried over into this year.
“We spend what we budget for, so those excess funds were carried over into FY 2022-23 as a fund balance, which is then used as available funds to balance the 2022-23 operating budget,” he said.
Sales tax receipts were up 0.5 percent in June and down 2.6 percent in May — which was still the second largest collection on record. The highest collection on record for any month was reflected in the February 2022 report, when the tax generated $2 million in revenue, or 13.2 percent, over the same period the year before.