Troy May sales tax numbers up from ‘09
Published 8:29 pm Friday, July 16, 2010
The City of Troy saw an increase in sales tax revenues in June, compared to one year ago.
The numbers, which come from sales taxes collected during the month of May, came to around $653,000.
However, that amount includes roughly $206,000 generated by the additional one-cent tax that goes toward the operating costs of Troy regional Medical Center.
When the TRMC amount is subtracted, the city has generated about $446,000 in sales tax revenues, up from last year’s $440,662.63 generated during the month of May.
In the fiscal year to date, the city has generated about $4.76 million, with roughly $625,000 of that going to TRMC.
That places the city’s year to date sales tax revenues at about $4.13 million, which is 73 percent of the budgeted amount for the fiscal year 2010-11.
That also represents a 1.29 percent drop in sales tax revenues from one year ago.
However, with the start of school on the way, city clerk Alton Starling said the lost ground could be made up by the end of the fiscal year, thanks in large part to increased retail sales.
“Historically, where you’ll see some of our biggest gains are in September and October, so with those typical increases, I believe it can be made up,” Starling said. “We’re actually slightly ahead from where we were a year ago, so I think we can catch back up.”