October 2011 Revenue

November 9, 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. These are the preliminary revenue figures for October, 2011.

October 2011 Sales Tax Revenue:

With the limited duration sales tax increase:

$1,800,888.23
- 67,343.20
$1,733,545.03
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

Without the limited duration sales tax increase:

$1,349,371.33
- 58,931.29
$1,290,440.04
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

For comparison purposes only, October 2010:

$1,392,328.80
- 58,985.71
$1,333,343.09
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

 

There was a 29.34% increase in gross tax receipts totalling $408,559.43. Excluding the limited duration sales tax increase collected, there was a 3.08% decrease in gross tax receipts totalling $42,957.47.

There was a 30.01% increase in net taxes of $400,201.94. Without the sales tax increase, we reflect a 3.22% decrease in net taxes of $42,903.05.

Thus far, the sales tax increase has generated an additional $2,270,577.81 and in that same time period, the City of Prattville has paid $2,631,498.52 toward our debt service. Multiple bond payments, in the amount of $2.9 million, were paid on November 1st. That installment paid off the GO 2006 Warrant. 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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