June 1, 2012
At the second City Council meeting each month, Interim Finance Director Doug Moseley delivers a written and verbal recount of the City's financial status. These are the preliminary revenue figures for May, 2012 (which is actually April's revenue collected in the month of May).
May 2012 Sales Tax Revenue:
With the limited duration sales tax increase:
Without the limited duration sales tax increase:
For comparison purposes only, May, 2011:
There was a 28.95% increase in gross tax receipts totaling $418,905.53. Excluding the limited duration sales tax increase collected, there was a 2.99% decrease in gross tax receipts totalling $43,191.21.
There was a 29.52% increase in net taxes of $410,663.66. Without the sales tax increase, we reflect a 3.11% decrease in net taxes of $43,299.21.
This month, the sales tax increase generated an additional $462,096.74. Thus far, the sales tax increase has generated an additional $5,670,571.65 and in that same time period, the City of Prattville has paid $6,340,978.78 toward our debt service. A Debt Service Reserve account has been established and is being funded with the proceeds from the sales tax increase.
If you have any questions about any of these figures, please do not hesitate to contact our Interim Finance Director Doug Moseley at email@example.com.
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