According to the latest numbers from Mayville, the city’s third quarter sales tax revenue was up 6.3% over the previous year, putting it an an all-time high of $1,927,439. That means through three quarters of this year, the city has received nearly $5,052,000, or about 82%, of the $6.2 million that was budgeted for this year’s sales tax revenue. That means the city only needs $1,148,000 in the fourth quarter of the year to reach its budgeted goal. Last year’s fourth quarter payment was $1,569,000. If the city were to get that much again for the fourth quarter of this year, it would be $421,000 (6.8%) more than what was budgeted. It would also be $121,000 more than what is in the tentative sales tax budget for next year.
According to Bellitto, the final fourth quarter sales tax figures will be known on our about Feb. 1, 2020.
Bellitto is also recommending the city council proceed with caution with the sales tax projections for 2020, saying the city has historically been conservative in budgeting sales tax revenue and that methodology has served it well because it helps to offset other revenue shortfalls as well as expenses that may come in over budget.