Mayor Don Wesely today released the latest monthly sales tax revenue figures for the City showing an 8.44 percent increase in gross sales tax collections and a 17.71 percent increase in net collections (minus refunds) over the same month last year. The figures reflect August sales, which are reported to the state in September and received by the City in October. For the first two months of the City’s fiscal year that began September 1, 2002, net sales tax collections have exceeded projections by $820,815.
"What is especially encouraging is that each of the past five months have shown positive growth in our gross and net sales tax revenues," said Mayor Wesely. "This is an excellent indication that we are seeing a strengthening economy in Lincoln."
Sales tax revenues make up 42 percent of the City’s tax-supported budget. From June through October, the gross revenues collected by the City have increased an average of 6.25 percent and net revenues have increased an average of 11.19 percent over the same period a year ago.