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Santa Fe EDC reports $527,704 net revenue through April; sales tax up 16.4% year over year in May
Summary
The EDC reported a net revenue over expenses of $527,704 through April and said May sales tax receipts were up 16.4% from the same month last year and 19.5% year-to-date, placing projections about 7.6% above budget.
The Santa Fe Economic Development Corporation received a finance update at its May 27 meeting: through April, the EDC reported $527,704 in net revenue over expenses and an overall EDC fund balance at 4.31 (figure as presented in the packet). Devin, executive director, said May 2025 sales taxes were up 16.4% compared with the same month last year and up 19.5% fiscal year to date, and that those numbers put the EDC's projections about "7.6 above what we projected for this year."
Board members asked whether a single new business explained the jump. Devin noted that one large retail or dining venue (referred to as "Big Horn") likely accounted for a portion of the increase and that a few additional new businesses had opened since the prior year. Board members asked for more detailed attribution and the director said he would follow up with a timeline of openings and the sales-tax impacts.
The board was reminded that a draft budget must be provided to the city finance office by July 16 and that the director planned to distribute a draft budget to board members on June 24 for review ahead of the June meeting so the board could finalize the EDC's recommended budget for the next fiscal year.
No formal budget actions were taken at the meeting; the discussion served as an update and a reminder of upcoming deadlines.
