May 2020 Revenue

June 9, 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 April 2020  (which is actually March's revenue collected in the month of April).

May 2020 Sales Tax Revenue:

With the limited duration sales tax increase:

$2,281,646.76
-51,130.07
$2,230,516.69
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

Without the limited duration sales tax increase:

$1,766,122.80
-46,547.74
$1,719,575.06
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

May 2019 (with the sales tax increase):

$2,419,284.09
-84,160.74
$2,335,123.35
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

May 2019 (without the sales tax increase)

$1,900,070.24
-73,904.79
$1,826,165.45

 

Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

 

There was a 5.69% decrease in gross tax receipts totaling $137,637.33. Excluding the limited duration sales tax collected, there was a 7.05% decrease in gross tax receipts totaling $133,947.44.

There was a 4.48% decrease in net taxes(with the rebates taken out) of $104,606.66. Without the sales tax increase, we reflect a 5.84% decrease in net taxes of $106,590.39.

This month the sales tax increase generated an additional $515,523.96. A check in this amount will be cut and deposited into the debt service reserve account during the week of 06/08/2020.

Thus far the sales tax increase has generated an additional $54,760,151.62. 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 $55,080,414.42 towards Debt Service.

Lodging Fee Revenue for the month was $23,898.00.

Below are a few general observations:

  • As a reminder, these figures represent April sales that were collected by the City in May. 
  • Restaurant tax and lodging tax saw the highest negative impact from the Governor-mandated shutdown in April. 
  • The Sales Tax line item (10-4-0005-000) shows a month over month increase of $119,300.39. This is a little bit deceiving as we had a large retailer inadvertently not pay their sales tax payment in May 2019. These reports are prepared on a cash basis; therefore, the May 2019 sales tax figure is understated by approximately $240,000. After factoring in this missing receipt, the month over month loss in this line item would have been around $120,000; the total actual loss for the report would have been $377,000; and the actual percentage decrease for the report would have been 15.61%.

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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