Sales Tax revenue is up - Monroe County still missing out
Sales Tax revenue is up due to the higher cost of things and the D&C has an article out this morning describing the impacts on the county and towns. Bottom line:
In the city, 2007-08 collections increased about 8 percent, or $9.4 million, from the previous budget year — creating a $6 million surplus over what was anticipated. For area towns, whose budget years coincide with the calendar year, total receipts through June were up nearly 10 percent, or $3.8 million, Monroe County records show.
A couple of things to point out.
As we said earlier - Monroe County misses out because, well they exchanged their sales tax revenue for Medicaid payments so Monroe County, being the ONLY county in the state to do so does not reap the benefits.
So as revenues are increasing because, well things cost more, remember that the various taxing entitites are also paying the price. Think of it like this - Upset at $4.00 a gallon gas? Imagine the school district cost to fill the Buses fleet or for that matter - keep a fleet of police cars filled.
Still the towns have an influx of unexpected revenue - the key will be to invest it wisely. Roads, Bridges, reducing debt. Again from the article.
City and town officials plan to use the surplus for neighborhood improvements or road repairs, to improve efficiency, close budget gaps, pay their own higher gasoline and petroleum bills or, where possible, to offset anticipated shortfalls in mortgage tax and interest earnings.
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