August 7, 2009 Are we turning the corner?
The July distribution of the local option 1% sales tax is only down 10%…which is an improvement from the 18% drop in May and the 13% drop in June. During the last three months revenues from the 1% local sales tax declined 14.4% relative to the same period a year earlier. These receipts represented taxable sales from March to May.
July distribution receipts, representing May’s taxable sales, were down 10.1%, actually good news compared to some other months’ receipts recently. Expect another near 10% decline here in August’s distribution before consumer spending improves relative to last year.