Geneva Sales Tax Revenue Continues to Look Good
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.
- Editor's note: In December 2012, Geneva Patch published an article with a similar headline, which I revoked because it incorrectly cited numbers from the city's Local Use tax report. The headline of the article was correct in that city sales tax revenue continues to uptick.