July 2015 Revenue

August 5, 2015

At the second City Council meeting each month, Finance Director Doug Moseley delivers a written and verbal recount of the City's financial status. These are the preliminary revenue figures for July 2015 (which is actually June's revenue collected in the month of July).

July 2015 Sales Tax Revenue:

With the limited duration sales tax increase:

$2,242,146.67
-88,377.09
$2,153,769.58
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

Without the limited duration sales tax increase:

$1,718,960.49
-77,185.66
$1,641,774.83
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

 

July 2014 (with the sales tax increase):

$2,265,111.99
-81,771.98
$2,183,340.01
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

July 2014 (without the sales tax increase)

$1,750,684.91
-72,248.72
$1,678,436.19
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

*NOTE:  Last July, we received 2 use tax audits equaling $11,331.29. This explains the drastically lower use tax and use tax-machine this July. Last June, we received 3 restaurant sales tax returns extremely late and they did not get in until July, therefore, we had 2 payments each in the month of July for those 3 establishments last year versus 1 each this year. If you factor out these anomalies, we show an increase of 4.40% for the month of July 2015.

There was a 1.01% decrease in gross tax receipts totaling $22,965.32. Excluding the limited duration sales tax collected, there was a 1.81% decrease in gross tax receipts totaling $31,724.43.

There was a 1.35% decrease in net taxes of $29,570.43. Without the sales tax increase, we reflect a 2.18% decrease in net taxes of $36,661.37.

This month, the sales tax increase generated an additional $523,186.18. Thus far, the sales tax increase has generated an additional $23,711,152.68 and in that same time period, the City of Prattville has paid $24,495,306.44 toward our debt service. A Debt Service Reserve account has been established and is being funded with the proceeds from the sales tax increase.

The Lodging Fee Revenue for the month was $29,484.00.

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

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