Geneva Sales Tax Revenue Continues Upward Trend
In spite of the real concerns about downtown Geneva and sales-tax revenue in general, there is the good news that sales-tax dollars continue an upward direction since 2009-10.
There's good news and good news about Geneva's sales-tax dollars.
In spite of a tough economy and a number of downtown vacancies, the city's sales-tax revenue overall has gone up the past two years—and fiscal 2012-13 is off to a great start.
According to the charts and reports in the Monday, May 21, agenda packet, the city of Geneva's sales tax revenue was on a Major League decline from its $5.37 million zenith in 2006-07 to its $4.33 million bottom in 2009-10. But since then, it's been moving on up.
The 2010-11 revenue totals show $4.54 million and 2011-12 brought in $4.65 million. The city is projecting $4.81 million for 2012-13.
Mayor Kevin Burns said numbers do represent a positive trend in the local business climate.
"The general confidence in the economy is certainly a factor," he said. "And, of course, the unique shopping, dining and entertainment environment Geneva provides our residents and guests is testimony to the creative spirit of our business owners who understand how to attract and take care of consumers."
The fiscal-year charts show the totals received from May to the following April, which is three months after the actual sales. For example, May reports represent sales from February; June reports from March.
The city's optimism over its 2012-13 projection seems to be bearing out, so far. The monthly totals for May (February 2012 sales) were $343,393—a nice jump up from $283,650 in May (Feb.) of the previous year.
That's the good news and the good news. Sales-tax revenue is one measure of how we're doing in a tough economy.
The not-so-good news for the city's budget is that other revenue sources, particularly from the state of Illinois, and being pulled back. Motor-fuel-tax revenue, for example, is down to $535,720 in 2011-12, from a high point of $640,453 in 2006-07. The May totals are the lowest since 1999-2000.
The reports will be presented for approval at Monday night's (May 21) Geneva City Council meeting. Among the other agenda items are the oath of office for Deputy Fire Chief Mark Einwich and presenation of the next phase of the city's Water/Wastewater Rate Study presentation, as well as the city's FY2011-12 Annual Report.