City’s 4Q Sales Tax Revenue Down
Fourth-quarter sales tax revenue in 2013 for the city of Jamestown was $8,000 less than it was in 2012.
On Monday, Joseph Bellitto, Jamestown comptroller, spoke during a Jamestown City Council work session meeting about the sales tax revenue. He said the fourth-quarter sales tax revenue in 2013 was $1,412,026, which was $8,059 less than it was in 2012. In 2012, the last-quarter revenue was $1,420,085.
For the year, the city received $5,783,588 in sales tax revenue, which was slightly more than what city officials budgeted – $5,775,000 – for 2013. The 2013 total represented a decrease of $43,374, or .06 percent, less than what the city received in 2012. The city’s adopted sales tax budget is $5,815,900. This budgeted amount is a .56 percent increase more than what the city received in 2013.
Bellitto said it was abnormal for each quarter of sales tax revenue to be close to the same amount. The first-quarter was $1,344,108; the second-quarter was $1,428,934; the third-quarter was $1,598,520; and the fourth-quarter was $1,412,026.
Bellitto also said the fourth quarter, which in the past was known for being the highest because it included the Christmas shopping season, is no longer the largest quarter of the year. In 2013, it was the third largest, trailing both the second and third quarters. In 2012, it was also the third largest quarter falling again behind the third and second quarters.
”The second- and fourth-quarter are now pretty close,” Bellitto said.
In other city council business; the group discussed three bond resolutions. One of the bonds was for $400,915, which the city refinanced last year. The second bond was for $16,065.50, which was issued in October, 1991. Anthony Dolce, City Council Ward 2 and Finance Committee chairman, said these two bond represent the newest and oldest bonds the city has to pay. The third bond was for $7,431.25, which was issued in March of 2006.