Sunday, February 7, 2010

Sales Tax Collections Lagging Behind Estimates

Sales tax collections in Cookeville continue to lag behind even conservative budget estimates, but finance director Mike Davidson says the shortfall is being made up with some unexpected increases in other revenue -- like the Hall Income Tax. Davidson says that sales tax revenues through the first half of the year are at 48 percent of budget, when they should, ideally be at 50 percent or more. He says the shortfall is about $180,000. But he says about the same amount of money is coming in OVER projected revenues in other areas. Davidson gave the city council a budget update this month.
Sales tax collections in Cookeville continue to lag behind even conservative budget estimates, but finance director Mike Davidson says the shortfall is being made up with some unexpected increases in other revenue -- like the Hall Income Taxs. Davidson gave the city council a budget update this month.