The city has started off 2012 with a bang as far as sales-tax receipts are concerned. Manhattan took in $892,532 in adjusted revenues, about $97,000 more than the same month last year.
Bernie Hayen, city finance director, said the amount was the highest of any January on record. The city actually took in $969,391 in gross receipts, but the adjusted figure represent collections taken from the north end redevelopment area. The gross figure is more than $70,000 higher than the next closest January period in the past three years.
However, Hayen noted there was one caveat.
“This month’s distribution included two months of Menard’s sales taxes — the same period a year ago Menard’s wasn’t yet open,” Hayen said. “So, the total is somewhat inflated, at least by that one month.”
He also noted these sales tax receipts generally reflected purchases made in November due to lag time in processing.
The $892,532 figure also well exceeded the adjusted forecast ($800,000) and the city’s 2012 January budget ($764,000).