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EDC reports sales-tax rise; year-to-date revenue at roughly half of projected budget
Summary
EDC staff reported November sales-tax receipts described in the meeting as $2,077,168 (a 2.14% year-over-year rise), year-to-date sales tax of $529,079 (about 50% of the projected annual budget), and fiscal-year expenditures of $58,081 (2.8% of approved budget); staff said the figures reflect receipts collected in November for the month of September.
Rio Grande City Economic Development Corporation staff presented the agency's November financial report, reporting a year-over-year increase in sales-tax collections and current-year budget figures.
Staff stated the city’s November sales-tax collections as “2,077 thousand 168,” which was identified in the packet as a 2.14% increase compared with the same month last year. The report listed year-to-date sales-tax revenue of $529,079, which staff described as approximately 50% of the projected annual budget, and expenditures for the fiscal year at $58,081, shown as 2.80% of the approved budget. Staff clarified that the figures reflect receipts for the month of September that were received in November.
Board members noted that October and November were the highest sales-tax months in the city's history, and members asked staff to obtain additional receipts data (referred to in the meeting as "rocks and cells" in the transcript) and to follow up with the mayor for signature on a needed request. The financial report was presented for review and did not require formal board action during the meeting.
The presentation packet included a check register and two formats of expense listings for board review; staff indicated the check register is available on page 26 of the packet and a different format on page 29.
