Revenue Surges as City Eyes Future Tax Trends

During a recent government meeting, officials discussed the financial performance of various tax revenues, including meals tax, hotel lodging, and cannabis sales, highlighting trends and comparisons to previous years.

For the fiscal year 2024, the meals tax generated $791,000, reflecting a modest increase compared to prior years. The traditional hotel tax showed a more significant rise, bringing in $1 million, up from $970,000 in the previous year and a stark contrast to just $286,000 during the peak of the COVID-19 pandemic in 2020.

In a notable development, cannabis tax revenue has shown signs of recovery, marking the first increase since 2020. The revenue from cannabis sales was reported at $846,000 for 2023, a slight uptick from the declining figures of $1.6 million in 2020, $1.3 million in 2021, and $1.1 million in 2022.

Councillor Maori raised questions regarding the projected revenues, noting that the certified pre-cash number for 2024 is not expected until late November or early December. The meeting also revealed that the city has received $5.2 million more than projected, representing a 4.7% increase over the budget.

The discussions underscored the importance of monitoring these revenue streams as the city continues to navigate its financial landscape post-pandemic.