Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Lovington reports record GRT for May; city to manage $4.1M county infrastructure grant
Summary
City Manager reported a record Gross Receipts Tax (GRT) month of $1,532,192.10 for May, flagged a suspected $287,000 construction-sector filing for investigation, and said Lee County awarded $4.1 million in reimbursement-based infrastructure funds that must be spent within two years.
Lovington City Manager (speaker 9) told commissioners the city recorded an all-time GRT month for May at $1,532,192.10 and that retail accounted for 38% of the total.
"I discovered that a filer reported a much larger tax than normal," the City Manager said, identifying a $287,000 amount in the construction sector that staff are investigating to avoid a future reporting "cliff" with New Mexico Taxation and Revenue. He said the retail sector also jumped in April and May and that staff will examine whether the spike is an anomaly or tied to recent openings.
The manager also reported the county awarded the city a $4,100,000 infrastructure grant for roads, water, sewer and fire-related items, noting the funds are reimbursement-based and must be expended within two years. He asked the commission to consider an ICIP-style list and said staff will return with project recommendations and an action item to accept the funds. "We will investigate the potential construction sector erroneous filing further," he said.
