July 2011 Revenue

August 5, 2011

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. Although Moseley has not yet delivered this report, we wanted to go ahead and publish the revenue information.

For the City, July has always been an unpredictable month. It reads like a roller coaster with increases and decreases in revenue from year to year.

Historical financial information:

  • 2011 (without the limited duration sales tax increase) = $1,482,362.72 (down 6.8% from 2010)
  • 2010 = $1,590,505.36 (up 16% from 2009)
  • 2009 = $1,373,194.48 (down 13% from 2008)
  • 2008 = $1,587,222.13 (up 20% from 2007)
  • 2007 = $1,321,192.31

July 2011 Sales Tax Revenue:

With the limited duration sales tax increase:
$1,977,286.93 Sales Tax collected
- 78,005.73 Rebates (economic development incentives)
$1,899,281.20 Net Sales Tax

Without the limited duration sales tax increase:
$1,482,362.72 Sales Tax collected
- 75,332.21 Rebates (economic development incentives)
$1,407,030.51 Net Sales Tax

For comparison purposes only, July 2010:

$1,590,505.36 Sales Tax collected
- 66,576.65 Rebates (economic development incentives)
$1,523,928.71 Net Sales Tax

There was a 24.32% increase in gross tax receipts totalling $386,781.57. Excluding the limited duration sales tax increase collected, there was a 6.8% decrease in gross tax receipts totalling $108,142.64.

In the month of July 2011, the limited duration sales tax increase generated an additional $494,924.21. This money has been placed in a separate account and is designated to pay down our debt service.

The $1 million bridge loan authorized by the City Council at the April 19, 2011 City Council meeting has been paid back except for the last $300,000. This last installment is scheduled to be paid in the next 10 days.

Mayor Gillespie wants all citizens to know that we are still streamlining departments, cross-training employees, and renegotiating contracts in efforts to continue to decrease expenses and make our revenue dollars go further.

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