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City economist: gross receipts tax growth mixed; council presses for online-sales detail
Summary
City economist Christine Burner reported modest year-to-date growth in gross receipts tax revenue and highlighted volatility across sectors; councilors pressed staff for more detailed online sales and sector breakdowns to guide budgeting.
The Albuquerque City Council received its monthly gross receipts tax (GRT) update on Monday, hearing that year-to-date receipts were modestly above the projection incorporated in the FY2025 budget but with mixed sector performance.
City Economist Christine Burner told the council that January distributions were down 1.1% compared with the prior year but February rebounded to 4.7% growth. Cumulatively through January (year to date for FY25) GRT growth based on the city’s model rose to about 2.6%, slightly above the 2.1% growth assumption in the current budget.
Burner said most…
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