City Fourth Quarter Sales Tax Revenues Increase
City officials received two good bits of financial information this week.
Sales tax revenues for the city of Jamestown increased by 6% during the fourth quarter of 2019 compared to what occurred in the last fiscal quarter of 2018.
Joseph Bellitto, city comptroller, discussed the positive financial news for the city during the Jamestown City Council works session meeting. The 6% increase during the fourth quarter totaled a jump of $94,371, to a total of $1,663,443.
Overall in 2019, the city’s sales tax revenue increased by $280,913 compared to 2018, at a total of $6,715,249. Overall in 2019, city officials realized an increase of 4.37% in sales tax revenue compared to 2018.
“This is considerably better than our 10-year average increase of 2.2%,” Bellitto said. “We have now enjoyed increases in the past three years.”
City officials received 108.31% in sales tax compared to what was budgeted, $6.2 million, in the 2019 fiscal plan. In 2018, city officials received 107.24% of what was originally budgeted.
Bellitto said the city’s 2020 adopted sales tax budget is $6.5 million. He said if they receive the same amount of sales tax in 2020 that they did in 2019 there will be more good news at the end of next year.
City officials are expected to receive its first quarter 2020 sales tax revenue payment in May.