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Finance committee hears mixed revenue signals: local sales tax up, state share and hotel receipts lag
Summary
Finance staff told the committee local sales tax receipts are about 5% above the prior year but overall collections may end below the current budget; state-shared sales tax is weaker and hotel-motel tax receipts have not recovered to prior expectations. Stormwater revenues are steady and expected to finish slightly above last year.
Finance staff reported mixed revenue trends during the Finance Committee meeting May 27. Local sales tax receipts for April were about 5% higher than the same month last year, but year-to-date collections and pacing suggest the city could end the fiscal year below the current budgeted amount.
Tamara Ingersoll said the city budget includes $22,000,000 in sales-tax collections for next fiscal year and that collections so far leave the city roughly $1.2…
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