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MJ sales revenues rising
Jun 20, 2006 12:00 am
June 13, 2006 – A direct result of more cash registers ringing at Providence MarketPlace, Mt. Juliet city officials announced Tuesday sales tax revenues are up 80 percent from last year.
City officials in May touted record-breaking sales tax collections in Mt. Juliet based on a month's operation of J.C. Penney and Target. On Tuesday, City Manager Robert Shearer revealed more glowing numbers from a just released state report including sales tax collections from an additional trio of Providence stores, spiking April collections 80 percent over last year.
Shearer said last year $148,000 in sales tax revenue was collected compared to $267,000 this year.
"It really was above expectations," Shearer said. "It's very gratifying, and we now know our fiscal projections were conservative. We are not now talking about projections, but are seeing the money."
Sales tax revenues from Kroger, Belk and Best Buy helped boost the revenues. Shearer said the steady growth of the city in general is responsible for about 20 percent of the increase. However, the rest is directly related to Providence MarketPlace retailers.
Record figures city officials released last month during a press conference represented a 53 percent increase to $201,000 from the previous year, mostly based on sales tax revenues from J.C. Penney and Target. Those figures were based on February sales.
City officials predicted further historic spikes in sales tax revenues as more stores open at the mammoth open-air retail center.
Mt. Juliet Economic Director Kenneth Martin noted Consolidated Theaters and Logan's restaurant are next in line to open in July. JoAnn's and Ross are slated to open later in the month, and Dick's Sporting Goods will open for business sometime in August.
The city manager said by next year projections indicate city coffers will expand with $4.8 million in sales tax revenues with about $2 million from Providence MarketPlace. Shearer is moving forward with a $10 million city budget. Sales tax revenues are split with the county.
Mt. Juliet Managing Editor Laurie Everett can be reached at 754-6397 or by e-mail at email@example.com.