September 2011 Revenue

October 3, 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 September revenue information.

September 2011 Sales Tax Revenue:

With the limited duration sales tax increase:

$1,766,067.33
- 67,754.48
$1,698,312.85
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

Without the limited duration sales tax increase:

$1,334,383.09
- 59,390.68
$1,274,992.41
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

For comparison purposes only, September 2010:

$1,284,794.16
- 53,040.97
$1,231,753.19
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

 

There was a 37.46% increase in gross tax receipts totalling $481,273.17. Excluding the limited duration sales tax increase collected, there was a 3.86% increase in gross tax receipts totalling $49,588.93.

There was a 37.88% increase in net taxes of $466,559.66. Without the sales tax increase, we reflect a 3.51% increase in net taxes of $43,239.22.

Thus far, the sales tax increase has generated an additional $1,819,060.91 and in that same time period, the City of Prattville has paid $1,692,971.90 toward our debt service. Multiple bond payments, in the amount of $2.9 million, are due on November 1st. A Debt Service Reserve account has been established and is being funded with the proceeds from the sales tax increase.

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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