City Sees Significant Second Quarter Sales Tax Revenue Increase
Because of being allowed to now collect online sales tax revenues and the increase in gas prices, the city’s second quarter sales tax revenue increased significantly compared to last year.
On Monday, Ryan Thompson, city comptroller, presented a second quarter sales tax revenue report to the Jamestown City Council during its work session meeting. He told the council that sales tax increased during May, June and July by $690,000, or 47%, compared to the second quarter of 2020. He added that it was an increase of $462,000, or 27%, compared to the second quarter of 2019.
Thompson said the city’s 2021 adopted sales tax budget is $6,713,792. He said through the first half of the year, the city has collected 57% of what was budgeted. He added that at the same time last year, the city was only at 47% of the sales tax revenues budget.
The third quarter sales tax revenue payment is expected to be received around Nov.1.
In other business, the council heard its 2020 audit report from Carl Widmer, who is a partner at Drescher & Malecki. He said this is the first year the firm has handled the city’s audit. He said the audit went smoothly even though it was the first year the firm handled the report.
Widmer said in 2020 both revenues and expenditures were down because of the COVID-19 pandemic. He said the city had a little more than $1 million more in revenues at the end of the year. He added at the end of 2020, the city’s fund balance is at $5.9 million.
Widmer said this is 12.4% of the city’s total budget. He said just five years ago, the city only had a fund balance of 2% of its annual budget.