Manhattan saw another boost in sales tax receipts during May. Returns increased by $102,783 compared to 2011.
The city took in $881,673 in adjusted revenues from the city’s half-cent sales tax compared to $778,890 in May 2011. The receipts generally represent purchases made in March due to a lag time in processing.
The city actually took in $947,003 in gross receipts; the adjusted figure represents collections taken from the north end redevelopment area. The collections go toward TIF bonds.
So far the city has taken in $4.155 million in revenue from the sales tax, a 10.1 percent increase over the previous year to date figure. The receipts exceeded the city’s adjust forecast by $131,673 and the city’s budget by $156,673. May is the fourth month the city has been over budget, making it $376,256 ahead of the overall 2012 budget.
However, Bernie Hayen, city finance director, noted about $34,000 credited to May’s receipts that should have been reserved for a transportation development district. Once the state corrects the error, Hayen believes the monthly sales tax report will be reduced by the same amount.
Even considering the reduction, May’s receipts will still be an increase of $68,783 over 2011’s receipts, and the city will still be more than $300,000 ahead of the budget.