City sales tax revenues declined by more than $80,000 during January from the same month a year ago. Finance director Bernie Hayen said local retailers “held their own” compared to last year, but there was a “notable decrease” in intercollegiate sales tax revenues.
The city reported $887,865 in sales tax collected during January, down from $969,391 during the same month in 2012. Although the city forecasted $918,774 in sales tax, it budgeted $892,014. As a result, the city over budgeted by $65,264. The last time sales tax receipts fell below a previous year’s figures was in September 2012, but every other month of 2012 showed a significant gain from the previous year’s numbers.
The January sales tax figures reflect purchases made in November 2012. The two-month lag is due to time required for merchants to send the receipts to the state, and for the state then to redistribute them to the various local entities.