After a brief dip in revenue, Jefferson City sales tax receipts are surging ahead of projections once again.
At the Finance Committee meeting Thursday, Finance Director Bill Betts said all three categories of the city's sales tax had come in ahead of projections for June. May receipts had shown a dip in sales tax revenues, when all three categories came in below projections. Betts said many other cities and the state also saw that unusual dip in May.
June sales tax receipts, which reflect the April reporting period, show the city's 1-percent general sales tax came in $180,000 ahead of projections, leading to a projected year-end surplus of $630,146.
The half-cent capital improvement sales tax came in $79,523 ahead of projections, with a total year-end surplus projected to be $310,468.
The half-cent parks sales tax came in $79,541 ahead of projections, leading to a projected year-end surplus of $312,757.
"As a whole, sales tax is doing really well," Betts said.
The city's revenue forecast model is projecting the 2015 budget will end roughly $789,000 ahead of projections.
City officials also are getting ready for the next installment of the city's half-cent capital improvement sales tax.
The city is currently collecting sales tax F, which will sunset March 31, 2017. City officials are now preparing for the seventh five-year installment of the tax since 1987, which Betts said staff is planning to put on the ballot in August 2016.
If approved by voters at that time, the tax would run from April 1, 2017, to March 31, 2022.
Betts said city and county staff are working on a list of proposed projects for the next sales tax installment and, once staff have met with members of the City Council and Cole County Commission, the two entities likely will hold a joint meeting to discuss shared projects.
All of the financial documents from June are available at jeffcitymo.org/finance/FinancialReports.html.