The city’s sales-tax receipts came in over budget for 2011, including strong showings during the last three months of the year. They also increased compared to the previous year.
Adjusted revenues from the half-cent sales tax totaled $9,317,921 in 2011. The city actually took in $9,976,929 overall during 2011, about $500,000 (5.6 percent) more than in 2010. However, a portion of monthly sales-tax revenues each year are reserved by the city for TIF bonds in the north end redevelopment area. The $9.3 million adjusted figure exceeded the city’s budget of $9,262,000 for the year by $55,921.
The city also saw an increase in adjusted revenues from 2010, when it collected $8,863,001 in that category.
“The city ended the year in a strong position with an annual increase of 5.1 percent in sales tax collections compared the same period in 2010,” Bernie Hayen, city finance director, wrote in the monthly sales-tax summary. “Nearly every major retailer was up in December over the previous year including automobile dealers and Manhattan Town Center stores.”
Hayen noted that the collections represent October retail sales but added the numbers give the city confidence going into 2012 since holiday season sales were stronger than anticipated nationwide.
The city took in $835,142 in adjusted revenues during December, about $10,000 over budget for the month. It was the third month in a row the city finished in the black. Sales tax collections bought in adjusted revenues of $830,450 in October and $867,993 in November respectively.