Maybe I don’t know WTF I am talking about, but am I the only one that thinks this is happening because prices continue to rise?
Despite an uncertain national economy, city officials say Sioux Falls’ economy continues to gain strength, evidenced in part by steady sales tax growth above 4 percent the past several months.
City sales tax receipts ended the third quarter up 4.6 percent over the same period a year ago. That makes six consecutive months with year-to-date growth above 4 percent, according to the most recent sales tax information.
“Month by month, we continue to see improvements in our economic indicators here locally,†City Finance Director Tracy Turbak said.
While it is very nice to see tax revenue is up, that small percentage is telling me it has to do with inflation. When the economy hit rock bottom last year, there was actually deflation, which resulted in revenue being down. You should always be at a positive, even when there is a recession due to increasing prices and costs.
Councilman Dean Karsky said he’s optimistic the momentum will continue through the end of the year, especially on the brink of the holiday shopping season.
Thanks Dean for that valuable information. Who knew? Is there anything you would like to share with us about the Easter Bunny?
Wait until there is a huge snowstorm and they will be talking about the cost and effect on the budget. Just more smoke & mirrors in promoting the financial aspect of the EC.
And how we just can’t afford them darned snowgates and they waste too much time.
For the record, here’s the quote from the Oct. 19 release from the Bureau of Labor Statistics:
“Over the last 12 months, the all items index increased 3.9 percent before seasonal adjustment.”
So that leaves a fraction of a percent of REAL growth! WE DID IT! THE RECESSION IS OVER!
Funny how that and inflation were never mentioned. Hmmm.
What happened to Turbeck’s head?
scott, I don’t mean to be a prick, but we have been over this in a post a few months ago. Not a topic. My guess he was in some kind of accident, but it really doesn’t matter. He had those scars when he started working for the city. On a different note, that we CAN discuss. Who is doing Mike’s hair, that MOFO is an artist!
Food prices are up about 20%. No wonder sales tax revenue is up 4%. People gotta eat. Turbeck is a Klingon. Set tasers on stun.
Every week, when I buy groceries they are higher. A couple examples they milk we buy went from $2. 56 a year ago to almost $4.00 now. The yogurt that we like went from 46 cents a year ago and a week ago it was 66 cents for a siz ounce container.
And guess what we Looooooooovvvvvvvveeeeeeee to tax in SD? Ding, Ding, Ding! Food!
I wondered why they didn’t walk into that expanding grocery store (my favorite grocery store btw) and check the price of milk! geeesch, no wonder sales tax revenue is up.