San Marcos sales tax collections took a leap forward in May with an 18.9 percent increase in revenues reflecting March 2010 retail sales compared to March 2009.
The city collected $1,743,332, an increase of $277,105 over the same period a year ago.
“This is excellent news that shows a continuing rebound in our economy,” Mayor Susan Narvaiz said. “In addition, this is the fourth month in a row that we have seen an increase in revenues and represents a substantial leap towards closing the gap in budgeted sales tax revenues.”
The healthy March numbers put the city 1.09 percent ahead for the first seven months of the fiscal year compared to last year, or an increase of $114,960. The current fiscal year began in October 2009.
Other cities in the area had the following results for March collections:
Sales tax revenues from retail sales account for 48.1 percent of General Fund revenues for the City of San Marcos. The city has a strong fund balance of 34.2 percent and has financial policies that closely track revenues and expenditures to respond to variations in revenues.Email | Print