End of Year Tax Revenues Show a Dip for Final Months

 

 

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 LamarConsumer IssuesEconomyFeaturedMedia Release

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