March 11, 2009

MARCH SALES TAX REVENUES
The City of Midland has collected this month's revenue from the State Comptroller's Office.  The total amount of revenue received was $1,840,047. 

This month's figure reflects a 6.77% decrease or a $133,518 decrease from March 2008. 

The year-to-date total sales tax revenue for fiscal year 2008-2009 is up 17.20% or a $2,059,716 increase from last year's totals at this time.  Fiscal year-to-date actual sales tax revenue is $14,032,714.

Sales tax revenue is generated by sales tax income from two months prior to collection; March collection is based on January sales.

Sales Taxes for each month are composed of receipts for prior periods, future periods, the current period and audit adjustments to yield total sales tax receipts for the month. Comparing the amount received for the March 2009 current period to the March 2008 current period receipt, receipts are up 1.03%.  However, when audit adjustments, prior period and future period amounts are factored in, the total receipts are down.

This month marks the first decrease in sales tax revenues in 65 months when compared to the same month the prior year.

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