March 16, 2023

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 February (which is actually January's revenue collected in the month of February).

February 2023 Sales Tax Revenue:

With the limited duration sales tax increase:

$3,303,227.27 -94,356.74 $3,208,870.53

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

Without the limited duration sales tax increase:

$2,619,871.19 -82,932.66 $2,536,938.53

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

February 2022 (with the sales tax increase):

$3,020,516.22 -91,365.24 $2,929,150.98

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

February 2022 (without the sales tax increase)

$2,394,737.24  -81,621.28 $2,313,115.96

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

There was an increase in gross taxes of $282,711.05 or 9.36%.

There was an increase in gross taxes w/o the sales tax increase of $225,133.95 or 9.40%.

There was an increase in net taxes (with the rebates taken out) of $279,719.55 or 9.55%.

There was an increase in net taxes (with the rebates taken out) w/o the sales tax increase of $223,822.57 or 9.68%.

This month the sales tax increase generated an additional $683,356.08. Check amounts listed below will be cut and deposited into the following accounts on 03/10/2023:

• $68,335.60 – General Fund Reserves (10%)
• $153,755.12 – Education Reserves – One Cent (25% of 90%)
• $153,755.12 – Infrastructure Reserves – One Cent (25% of 90%)
• $153,755.12 – Parks & Recreation Reserves – One Cent (25% of 90%)
• $153,755.12 – Public Facilities Reserves – One Cent (25% of 90%)

Lodging Fee Revenue for the month was $45,319.50.

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