Sales Tax Revenues Grow 5.5% In La Mirada

By Brian Hews

 

Sales tax revenues received by the City of La Mirada grew 5.5 percent in Fiscal Year 2012-2013.

Total gross receipts were up by $530,468 to $10,202,793 compared to the prior year’s amount of $9,672,325.

Sales tax revenues had dipped to as low as $7,996,513 in Fiscal Year 2009-10 during the depth of the Great Recession.

“We are pleased to see a continued strengthening in our local economy,” says Mayor Steve De Ruse.  “As the economy improves and business activity grows in La Mirada, these sales tax revenues enable the City to deliver the quality services local residents and businesses have come to expect.”

Revenues received in first quarter of 2013, which includes sales from January through March, were relatively flat from the prior year.  Business changes cut receipts from contractor supplies and the business and industry group.  Sales increased in the office supplies/furniture, home furnishings and automotive group.

Reports on exact revenues from Measure I, the one percent transactions and use tax  approved by more than 66 percent of La Mirada voters in November 2012, have not yet been received. Money generated by Measure I will be used to fund the City’s extensive infrastructure repair program.

Two estimated Measure I payments totaling $910,083 from the State Board of Equalization show revenues running ahead of initial projections.  The payments are subject to later adjustment by the State.  If revenues continue to be received at this level, Measure I could generate more than the $4 million originally projected during the current fiscal year.  More detailed numbers are expected to be received from the State by the end of the summer.