Title
Sales Tax & Home Rule Sales Tax Collections - Discussion
History
Attached you will find information related to the Village’s sales tax and home rule sales tax collections for FY2007 and FY2008 to date.
For the 1% sales tax, FY2008 collections to date are 3.13% less than collections for the same period in FY2007 and 5.11% less than the amount budgeted for FY2008.
For the .75% home rule sales tax, FY2008 collections to date are 3.63% less than collections for the same period in FY2007 and 8.14% less than the amount budgeted for FY2008.
Financial Impact
If this trend continues, sales tax collections for FY2008 will come in at approximately $1M less than budgeted.
If this trend continues, home rule sales tax collections for FY2008 will come in at approximately $872K less than budgeted.
Recommended Action/Motion
Discussion