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Council hears sales-tax receipts roughly at $19 million, small surplus to budget
Summary
City presenter reported sales-tax receipts of about $19.0 million and said the city’s budgeted sales-tax figure approximates $19.9 million, leaving a modest surplus of roughly $115,743 in the current accounting.
Presenter reviewed sales-tax receipts and allocations and pointed to a circled figure on the slide representing the year's total. “I’ve got that circled being 19,000,448,” the presenter said while explaining the 4% share that comes to the city and how it is distributed to dedicated funds.
The presenter contrasted receipts with the budgeted sales-tax number and said that, as of the slide, receipts exceeded the budgeted figure by about $115,743. Council members asked whether the revenue projections assume current bill prices or projected increases; staff said projections use current figures to avoid overstating volatile sources.
