City’s Third Quarter Sales Tax Revenues Up Again
Sales tax revenues for the third quarter increased again over 2017 figures.
On Monday, Anthony Dolce, Ward 2 councilman, discussed the rise in sales tax revenue numbers for the third quarter for the city with the Jamestown City Council. He said sales tax revenue totaled $1,812,000, which was a $139,000 increase, or 8.34 percent, over the third quarter in 2017. He added that because sales tax revenues are projecting to be higher than the $6 million budgeted for 2018, this is why the 2019 budget has bumped up sales tax expectations to $6.2 million.
In a written report by Joseph Bellitto, city comptroller, detailing sales tax revenues for the third quarter, he stated through nine months the city has received $4,865,264, or 81 percent, of what was budgeted. This is an increase of $283,701, or 6.2 percent, through the third quarter of 2017.
Bellitto stated city officials need a fourth quarter sales tax revenue payment of $1,134,736 to make the $6 million budget prediction. He said in 2017, the city received $1,527,985 in sales tax revenue in 2017.
Bellitto recommends no change by the council to the $6.2 million in the 2019 executive budget.
“We have historically been conservative in budgeting sales tax revenue and this methodology has served the city well,” Bellitto stated. “It has help offset other revenues short of budget and expenses over budget.”
During the second quarter, sales tax revenues totaled $1,600,710, which was an increase of $60,309, or 3.92 percent, compared to the second quarter of 2017. City officials received 51 percent of the $6 million budgeted through the first half of the year, which was $144,000, or 5 percent, more in sales tax revenues than they received through the first six months of 2017.