June 2, 2014 Local Option Sales Tax Distribution up 2.8% for May
May’s distribution of the 1% local sales at $46.92 million was up 2.8% compared to a year earlier (Figure 1 and 2). This distribution represents mainly monthly sales for March sales and first quarter sales for smaller quarterly accounts. The 2.8% rate is 1.7% lower than our 4.5% forecast for fiscal year 2014 made last December. Fiscal year-to-date revenues statewide were up 3.7% through the first nine months of fiscal year 2014.
On a seasonally adjusted basis May’s 1% sales taxes were up 3.8% over April’s at $43.44 million (Figure 3). This amount is almost $1 million greater than the peak of $42.44 million in May 2007.