Published 11:30 pm Friday, June 14, 2013
Troy enjoys sales tax stability after decline in 2009
After taking an economic hit in 2009, Troy’s sales tax revenue numbers are now leveling out on in a positive way.
Numbers reported in May that reflect April sales show that the city collected about $447,000 this year compared the same amount last year. April reports that reflect March numbers show the city garnered about $478,000 this year compared to $504,000 last year.
Year to date numbers reflect the city has collected $3,227,000 so far this year. At the same point last year, Troy had banked $3,228,000.
“We are almost exactly where we were last year,” said Troy City Clerk Alton Starling. “You’re just talking hundreds of dollars difference.”
Starling noted that while the city revenue is down this year, the amount less is minimal and the sales tax numbers are still very good.
“We are almost where we were when the economy went down,” Starling said. “We were building to that point and then the economy fell off.”
In 2009, the city collected $5 million for the entire year and this year, the city is budgeted to collect $5,400,000.
“It’s not a huge increase, but it is slowly increasing,” Starling said.
And Troy’s economy will continue to grow if consumers shop locally. Starling said the more successful local businesses are, the more jobs are created and the more homes are purchased.
While Troy’s numbers are pretty flat compared to last year, Troy City Schools reported a 6.9 percent jump in tax revenue over last year. The school system received $234,597 in May for April’s sales this year and $219,382 last year.
Starling explained that the increase the city schools saw was reflective of a one-cent countywide sales tax. So even though Troy’s numbers didn’t increase, other areas in the county made up the increase.
“The majority of the money does come from the city, though,” Starling said.
Of the nine cents collected by the city for each dollar spent in Troy, four cents goes to the state, three goes to the city and one goes to the school system.
“Spending locally,” Starling said. “It makes a difference.”