The city of Geneva's sales tax revenue continues a steady climb, according to city reports. That's good news for the local economy.
The city of Geneva again appears to be headed for an upswing in annual sales tax revenue, another good sign for the local economy.
According to the report filed in the Feb. 19 City Council packet, sales tax revenue collected in February—representing sales in the key month of November—is up year over year, and the yearly revenue projection indicates the city is headed for its third straight fiscal-year increase.
Geneva collected $443,556 in February 2013, compared to $410,882 a year ago.
Another piece of good news is that the sales tax the city collects has exceeded its estimates in every month but October (July sales) in the 2012-13 fiscal year.
The city's annual sales-tax revenue peaked at $5,373,906 in FY 2007-08 but plummeted with the recession to $4,332,268 by 2009-10. It has shown steady increases since then, to $4,543,519 in 2010-11 and $4,650,884 in 2011-12.
The projections for the 2012-13 fiscal year, which ends in April, show another increase, even for the "low" projection of $4,769,631. The high projection indicates the city could clear $4.9 million.
Some of the proof will be in the pudding collected next month, when the Christmas holiday shopping is reflected in sales-tax revenue reports.
The budgeted amount for March, representing December receipts, is $596,045.
Rod Nelson
9:52 am on Thursday, February 21, 2013
Actually Rick, the revenue is not so hot. Adjusted for inflation the revenue is down over the past decade. Then adjust for the fact that the tax rate has increased significantly over that time (remember the 2007 1/2% referendum, for example?), and you see that Geneva sales tax revenue is shrinking even after we agreed to pay more!
Rod Nelson