MT. VERNON - Tax revenues are up in the city, with numbers showing the local economy is better than the state economy.
"The economy of Mt. Vernon is still doing well," City Manager Ron Neibert reported Monday during a third quarter budget review workshop of the city council. "We really didn't see anything out of the ordinary in the makeup of the revenues. We're not relying on any one sector for our tax revenues, and overall, our economy is well balanced in terms of retail."
The 1 percent sales tax is showing a 6.1 percent year-to-date increase over the same time period last year and the 1 percent home rule tax is showing a 3.3 percent increase over last year. However, the income tax, which is a per capita tax based on population and state receipts, is showing a decrease of 3.2 percent.
"It's at 6.8 percent below what we anticipated on the budget," Neibert said. "That's due to two factors. One is that we over-projected and the other is the 6 percent reduction in population that went into effect when the new numbers from the Census came out."
One month in particular for 1 percent sales tax receipts caught everyone's attention, with Mayor Mary Jane Chesley calling the increase "amazing." In November, 1 percent sales tax receipts went up by 24.1 percent over last year, with $482,427 collected. The 1 percent sales tax receipts through the third quarter of the fiscal year for the city is at $3.58 million. - http://goo.gl/L9HyM
