Feb 282014

By Tammy Gray
State and local sales tax revenues continue to exceed anticipated amounts, the Navajo County Board of Supervisors learned Tuesday.
Estimated state shared sales tax revenues exceeded $1 million in February, the first time that has happened since July 2008. In February 2013, those revenues were $919,329. With the exception of 2011, sales tax revenues did not exceed $900,000 in February for the previous five years.
The February estimate brings state sales tax revenues to $7.2 million for the current fiscal year with four months remaining. The budget anticipates a total of $10.3 million in state tax revenue.
All told, sales tax revenues are coming in at around six percent more than the amount budgeted for the fiscal year. The totals collected have exceeded the amounts received last year in every single month. In most cases, the monthly totals are higher than any in the last five fiscal years.
The financial report presented to the board also indicates that county sales tax revenues remain above expected levels. Estimated revenues for February are $568,959, compared to $506,008 in 2013. That brings the total so far this fiscal year to $4.6 million, out of an anticipated $6.2 million.
Vehicle license tax revenues are expected to finish within about $11,000 of the budgeted amount. Totals collected vary when compared to last year, with some months coming in well ahead of last year and others coming in lower. To date, the county has collected $1.2 of the estimated $2 million in vehicle license taxes.
Expenditures are coming in under budget so far this fiscal year, according to the report given to the board. A total of $35 million in expenditures are included in the budget, however, the county expects to actually spend $31.9 million.
Overall, if revenues and expenditures remain on track, the county will end the year approximately $613,000 in the black.