The City of Quitman has experienced its highest historical 12 month total sales tax revenue allocation for the second month in a row and is a continuation of a four month run of extremely high 12 month total allocations.
The current allocation for Sales Tax for Quitman (based on January’s receipts) was $38,692 compared to $36,269.82 the same period last year which is up nearly 7 percent. This is more than any other previous year for this period.
For the most recent 12 months the total allocation is $493,990.27
compared to the previous 12 month period of $438,277.01 which is up nearly 13% by $55,713.
Sales tax allocations peaked in Sept-08 with a 12mo total of $488,000 with the month prior and following that having totals comparable to last month and this most recent month.
“Keep in mind we are budgeted and projected at about a 5% increase over the previous 12 months
or a 12 month allocation of $472,500,” said Quitman City Secretary Mike Hall. “So we are well over target half way through fiscal year.
Hall says the high upward velocity of this movement and the clear construction and development factors driving it give indication that this growth will retract to the projected 5% recovery level as the development concludes and then to the 0-2% nominal growth level afterward without additional development.