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Santa Fe finance staff outline gross receipts tax trends, warn against counting on large windfalls
Summary
Assistant Finance Director Alexis Lautaro told the Finance Committee that gross receipts tax (GRT) is the city’s primary general fund revenue and that recent unanticipated increases may be leveling off; officials urged caution about relying on one-time GRT receipts for ongoing spending.
Assistant Finance Department Director Alexis Lautaro told the City of Santa Fe Finance Committee on March 10 that gross receipts tax (GRT) remains the city’s main general-fund revenue source and that recent spikes driven by remote-sales tax changes and tourism may not continue at previous levels.
Lautaro reviewed historical GRT receipts and comparisons with similar New Mexico cities, saying Santa Fe’s total GRT receipts reached about $166.7 million for fiscal 2024, compared with roughly $130.3 million in Las Cruces and about $80 million in Rio Rancho. Lautaro said the biggest year-over-year jump occurred between fiscal 2021 and fiscal 2022 after the full implementation of the Internet/remote sales tax.
The presentation stressed how the city treats “unanticipated” GRT—receipts that exceed the…
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