July 2012 Revenue

August 7, 2012

At the second City Council meeting each month, Interim Finance Director Doug Moseley delivers a written and verbal recount of the City's financial status. These are the preliminary revenue figures for July, 2012 (which is actually June's revenue collected in the month of July).

 

July 2012 Sales Tax Revenue:

With the limited duration sales tax increase:

$1,919,224.21
- 83,697.42
$1,835,526.79
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

Without the limited duration sales tax increase:

$1,437,004.43
- 74,093.33
$1,362,911.10
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

For comparison purposes only. NOTE: JUNE 2011 was the first month that the sales tax increase was received so the comparison is "like" months from now until the tax rate changes.

July 2011 (with the sales tax increase):

$1,977,286.93
- 85,033.79
$1,892,253.14
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

 July 2011 (without the sales tax increase)

$1,482,001.33
- 76,009.76
$1,405,991.57
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

 

There was a 2.94% decrease in gross tax receipts totaling $58,062.72. Excluding the limited duration sales tax increase collected, there was a 3.04% decrease in gross tax receipts totaling $44,996.90.

There was a 3.00% decrease in net taxes of $56,726.35. Without the sales tax increase, we reflect a 3.06% decrease in net taxes of $43,080.47.

This month, the sales tax increase generated an additional $482,219.78. Thus far, the sales tax increase has generated an additional $6,597,803.49 and in that same time period, the City of Prattville has paid $7,840,978.78 toward our debt service. A Debt Service Reserve account has been established and is being funded with the proceeds from the sales tax increase.

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

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