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City economist: corrected gross‑receipts growth about 2% for November; FY25 budget baseline reiterated
Summary
City Economist Christine Berner reported to the City Council on Feb. 3 that November 2024 gross receipts tax (GRT) receipts declined year‑over‑year because the City received a one‑time amended hold‑harmless payment in the prior year; when corrected, underlying growth is about 2% for the month and roughly 4% year‑to‑date. Berner reviewed sectoral
Christine Berner, the City of Albuquerque economist, briefed the City Council on Feb. 3 on gross‑receipts tax (GRT) collections for November 2024 (received by the city in January 2025).
Berner explained that December year‑over‑year comparisons looked weak because the city in the prior November had received a one‑time, amended hold‑harmless payment of approximately $5.2 million tied to food tax reporting corrections by a business. When…
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