End of Year Tax Revenues Show a Dip for Final Months
Barbara Crimond | Dec 11, 2018 | Comments 0
City of Lamar Sales Tax collected in November dropped 5.84% and Total Sales and Use Tax collections were also off 7.37%. The difference for the 3% sales tax drop is $16,373.96 which shows collections for this November at $26,148.48 compared to 2017 with collections at $280,522.44. The 7.37% drop results in a difference of $23,117.81 for that period with collections in 2018 at $290,705.54 compared to 2017 of $313,823.35. Use Tax collections were down for this period by 18.36% showing a drop of $5,871.62. Other Collections were off 65.68%, but that only reflected a loss of $872.23.
Year to Date collections were able to show a cumulative gain for the period running from January to November of this year. City Sales Tax collections were up 2.43% for an increase of $76,127.86. 2018 collections are at $3,213,753.01 while the YTD for 2017 was $3,137,625.15. Total Sales Tax collections were up 4.39% which translates to a gain of $150,814.63 for the year. 2018 collections are $3,585,261.78 and for 2017 collections were $3,434,447.15. Use Tax collected was up 25.84% for a gain through the year of $72,005.48 and Other Collections were up 14.75% for $2,681.29.
There was a mix of gains and losses for the 12 retail listings for sales tax revenue for the City of Lamar for the year, with increases in Building Materials, All Business-Electricity and Other Retail-All Other while there were decreases in Hotels-Motels and Furniture and Electronics.
|
2016 | 2017 | 2018 |
Auto Parts-Repair | 138,228 | 136,696 |
140,712 |
Building Materials |
109,747 | 133,307 | 178,854 |
Apparel-Dept Stores | 979,469 | 1,033,126 |
1,039,547 |
C-Stores/Gas |
130,359 | 136,225 | 189,449 |
All Business/Electricity | 248,414 | 245,435 |
268,532 |
Furn-Appliance-Electrcs |
23,317 | 21,435 | 18,871 |
Grocery Stores | 268,468 | 237,693 |
239,237 |
Motels |
137,827 | 147,237 | 140,588 |
Liquor Sales | 95,568 | 97,636 |
99,640 |
Manufacturing |
7,559 | 9,782 | 9,109 |
Other Retail-All Other | 601,432 | 649,359 |
654,564 |
Restaurants |
333,204 | 333,561 |
332,760 |
Filed Under: City of Lamar • Consumer Issues • Economy • Featured • Media Release
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