City Sees Significant Increase in Second Quarter Sales Tax Revenue | News, Sports, Jobs
Due to the authorization to collect sales tax revenue online and the increase in gasoline prices, the city’s second quarter sales tax revenue increased significantly from the previous year. last year.
Ryan Thompson, City Comptroller, presented a report on second quarter tax revenue to Jamestown City Council at its business meeting on Monday. He told council that sales tax increased in May, June and July by $ 690,000, or 47%, from the second quarter of 2020. He added that it was an increase of 462. $ 000, or 27%, from the second quarter of 2019..
Thompson said the city’s adopted sales tax budget for 2021 is $ 6,713,792. He said that in the first half of the year, the city collected 57% of what was budgeted. He added that at the same time last year, the city was only 47% of the sales tax revenue budget.
Third quarter sales tax revenue payment is expected to be received around November 1.
In other matters, the board heard its 2020 audit report from Carl Widmer, partner at Drescher & Malecki. He said this was the firm’s first year managing the city’s audit. He said the audit went well, even though this was the firm’s first year dealing with the report.
Widmer said that in 2020 both income and expenses were down due to the COVID-19 pandemic. He said the city had just over $ 1 million in additional revenue at the end of the year. He added that at the end of 2020, the city’s fund balance stood at $ 5.9 million.
Widmer said it was 12.4% of the city’s total budget. He said that just five years ago, the city only had a fund balance of 2% of its annual budget.