February 2021 Revenue

March 2, 2021

At the second City Council meeting each month, our Finance Director delivers a written and verbal recount of the City's financial status. These are the preliminary revenue figures for February (which is actually January's revenue collected in the month of February).

February 2021 Sales Tax Revenue:

With the limited duration sales tax increase:

$2,751,457.63
 -91,081.60
$2,660,376.03
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

Without the limited duration sales tax increase:

$2,152,493.01
-80,621.89
$2,071,871.12
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

February 2020 (with the sales tax increase):

$2,283,453.41
 -72,796.29
$2,210,657.12
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax

February 2020 (without the sales tax increase)

$1,787,475.97
 -64,550.78
$1,722,925.19
Sales Tax collected
Rebates (economic development incentives)
Net Sales Tax
There was an increase in gross taxes of $468,004.22 or 20.50%. There was an increase in gross taxes w/o the sales tax increase of $365,017.04 or 20.42%.
 
There was an increase in net taxes (with the rebates taken out) of $449,718.91 or 20.34%. There was an increase in net taxes (with the rebates taken out) w/o the sales tax increase of $348,945.93 or 20.25%.
 
This month the sales tax increase generated an additional $598,964.62. A check in this amount will be cut and deposited into the debt service reserve account on 3/5/2021.
 
Thus far the sales tax increase has generated an additional $59,906,219.95.
In that same time (less one month as the transfers to the debt service reserve account are made one month in arrears) the City has paid $60,119,747.27 towards Debt Service.
 
Lodging Fee Revenue for the month was $27,850.00.

Prattville16v13W