July 2020 Revenue

August 6, 2020

At the second City Council meeting each month, our Finance Director delivers a written and verbal recount of the City's financial status. These are the preliminary revenue figures for July (which is actually June's revenue collected in the month of July).

July 2020 Sales Tax Revenue:

With the limited duration sales tax increase:

$2,977,919.03
-149,771.58
$2,828,147.45
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

Without the limited duration sales tax increase:

$2,309,524.32
-133,840.73
$2,175,683.59
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

July 2019 (with the sales tax increase):

$2.714,858.10
-119,816.455
$2,595,041.65
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

July 2019 (without the sales tax increase)

$2,106,534.01
-107,672.84
$1,998,861.17 
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

There was a 9.69% increase in gross tax receipts totaling $263,060.93. Excluding the limited duration sales tax collected, there was a 9.64% increase in gross tax receipts totaling $202,990.32.

There was a 8.98% increase in net taxes(with the rebates taken out) of $233,105.80. Without the sales tax increase, we reflect a 8.85% increase in net taxes of $176,822.43.

This month the sales tax increase generated an additional $668,394.71. A check in this amount will be cut and deposited into the debt service reserve account during the week of 08/06/2020.

Thus far the sales tax increase has generated an additional $56,039,916.21. In that same time (less one month as the transfers to the debt service reserve account are made one month in arrears) the City has paid $56,207,308.26 towards Debt Service.

Lodging Fee Revenue for the month was $38,436.00.

Below are a few general observations:

  • As a reminder, these figures represent May sales that were collected by the City in June. 
  • Restaurant tax, lodging tax, and local gasoline tax saw the highest negative impact on sales in May.  
  • General sales taxes rebounded very nicely following the Governor’s loosening of restrictions. 
  • Use tax and the simplified sellers use tax collections remained high. 

If you have any questions about any of these figures, please do not hesitate to contact our Finance Director Daniel Oakley at .

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