NP tax collections net record for 'festival month'
August 18, 2023 | North Platte Telegraph
No matter how you calculate it, June was a record-busting month for North Platte's city sales tax and Lincoln County's lodging tax.
Newly released figures by the Nebraska Department of Revenue show the city netted $1.331 million in the third month since its sales-tax rate rose from 1.5% to 2% to start collecting money for voter-approved recreational projects.
It's the highest monthly total yet for the higher city sales tax, which brought in $1.162 million in April and $1.225 million in May.
But June — North Platte's "festival month," with Miss Nebraska, Miss Rodeo Nebraska and finally Nebraskaland Days — would have been a record-crushing sales-tax month even had the city's rate stayed at 1.5%.
June's net sales tax income equaled $998,620, a mere $1,380 shy of $1 million, for the permanent part of the local tax. That would have easily beat the city's monthly record of $942,530 at the 1.5% rate last September.
The 0.5% sales-tax boost to expand the North Platte Recreation Complex, renovate Cody Pool and relocate the city's skate park expires once the projects' $52.5 million cost is raised.
North Platte already has collected $929,631 in three months toward that total, based on a Telegraph analysis.
June's sales-tax performance also guaranteed that North Platte's Quality Growth Fund for economic development aid will get its maximum $650,000 in new annual funding for the third consecutive fiscal year.
Total net sales-tax income passed QGF's preset 2023-24 "trigger point" of $7.73 million in May. The program renewed by voters in 2020 then equally splits sales taxes between QGF and the city's general fund until either $650,000 is raised or the fiscal year ends.
With QGF's full allotment now assured, North Platte's net sales-tax income for July will again go fully to the general fund. July's total will be known in mid-September, the last month of the city's fiscal year. Continue reading...
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NP tax collections net record for 'festival month'August 18, 2023 | North Platte TelegraphNo matter how you calculate it, June was a record-busting month for North Platte's city sales tax and Lincoln County's lodging tax.Newly released figures by the Nebraska Department of Revenue show the city netted $1.331 million in the third month since its sales-tax rate rose from 1.5% to 2% to start collecting money for voter-approved recreational projects.It's the highest monthly total yet for the higher city sales tax, which brought in $1.162 million in April and $1.225 million in May.But June — North Platte's "festival month," with Miss Nebraska, Miss Rodeo Nebraska and finally Nebraskaland Days — would have been a record-crushing sales-tax month even had the city's rate stayed at 1.5%.June's net sales tax income equaled $998,620, a mere $1,380 shy of $1 million, for the permanent part of the local tax. That would have easily beat the city's monthly record of $942,530 at the 1.5% rate last September.The 0.5% sales-tax boost to expand the North Platte Recreation Complex, renovate Cody Pool and relocate the city's skate park expires once the projects' $52.5 million cost is raised.North Platte already has collected $929,631 in three months toward that total, based on a Telegraph analysis.June's sales-tax performance also guaranteed that North Platte's Quality Growth Fund for economic development aid will get its maximum $650,000 in new annual funding for the third consecutive fiscal year.Total net sales-tax income passed QGF's preset 2023-24 "trigger point" of $7.73 million in May. The program renewed by voters in 2020 then equally splits sales taxes between QGF and the city's general fund until either $650,000 is raised or the fiscal year ends.With QGF's full allotment now assured, North Platte's net sales-tax income for July will again go fully to the general fund. July's total will be known in mid-September, the last month of the city's fiscal year. Continue reading...