SANTA BARBARA, Calif. - The numbers are in and tax revenues in Santa Barbara are on the rise. According to the city the last quarter was strong and finished off the fiscal year on a high note.
The city says, "Santa Barbara received $5 million in sales tax during the quarter ended June 30, 2012, marking a strong end to fiscal year 2012. Fourth quarter growth was higher than the 4.5% growth estimate and 6.6% higher than growth in the June quarter of last fiscal year. Across the state, local agencies saw strong sales tax growth during the June quarter. Santa Barbara's growth was slightly below the statewide average growth of 6.8%.
Since sales tax is received quarterly from the state, one quarter in arrears, the City receives the final June results for each fiscal year in September. Over $19.1 million in sales taxes were received in fiscal year 2012, representing overall growth of 8.8%. Moreover, sales tax exceeded the year end forecast by approximately $290,000.
Although the City's sales tax has shown robust recovery from declines experienced during the recession, the year end results are equivalent to the amount of sales tax collected in fiscal year 2006. Sales tax is the second largest General Fund revenue and continues to show a steady recovery from growth lost during the recession.
The sales tax budget for fiscal year 2013 is $19,590,700 based on a growth estimate of 4% from the year-end projection for fiscal year 2012. Sales tax results for the first quarter of fiscal year 2013 will be available in December.
Wednesday, June 5 2013 5:40 PM EDT2013-06-05 21:40:27 GMT
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Photo Courtesy: Cinda Price
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