Mayor Chris Beutler today released Lincoln sales tax figures for July showing that net sales tax collections are up about $164,000 or 3.6 percent compared to the same month last year. The collections also exceeded expectations by about $218,000. The figures reflecting July sales are reported to the state in August and received by the City in September.
"We were anxiously awaiting July figures this year to see the impact of the Special Olympics USA National Games," said Beutler. "The week-long Games not only gave our community an emotional boost, it also boosted our economy even more than we expected. This demonstrates the importance of keeping and maintaining events in our City."
The Games July 18 through 23 attracted about 2,400 athletes, 750 coaches and about 15,000 family members and friends.
"This is exactly what we anticipated when we first began the process of bringing these games to Lincoln," said Wendy Birdsall, Lincoln Chamber of Commerce President. "The credit really goes to our corporate partners, volunteer citizens and dedicated staff. Without the hard work of the entire community, these great gains in revenue wouldn't be possible."
Sales tax revenues fund about 40 percent of the City's tax-supported budget. Property tax revenue funds about 29 percent of the budget, with the remainder coming from fees, interest income and other sources.
Net sales tax revenue for July were $4,767,314. Net sales tax revenue is calculated by subtracting refunds to businesses for LB775 tax credits from gross sales tax revenues.