City officials announced Thursday that Menifee’s second quarter sales tax revenues for 2012 have increased nearly 10 percent when compared to the second quarter of 2011.
The 9.59 percent increase is due largely in part to several new sales tax generating businesses opening in the last year including Texas Roadhouse and Miguel’s Jr.
City officials expect sales tax revenue to continue its upward swing now that Panera Bread and BJ’s Restaurant and Brewery have been established since the last sales tax reporting period closed.
“We are thrilled to see this nearly double-digit increase in sales tax figures for two important reasons,” City Manager Bill Rawlings said in a released statement.
“First, it indicates that positive economic growth is happening in our community and consumer confidence is picking up. And second, it provides much-needed sales tax revenue to further strengthen the city’s financial stability.”
Sales tax revenue is one of the city’s primary sources of funding for important services like public safety, transportation projects, beautification, public works, parks and recreation.
For a young city, developing this revenue base is important to build its financial security.
In congruency with the City Council’s strategic goals to increase economic development and community amenities, the city will continue strengthening its sales tax revenue base by attracting new retail outlets, entertainment venues and restaurants to its economic development corridor along Interstate 215.
Short-term economic development goals include creating a portfolio of marketing materials to attract new businesses and contacting a targeted list of potential businesses outlining the benefits of locating in Menifee.
Sales tax revenue is reported by The HdL Companies, a government financial reporting company.
For more information, visit cityofmenifee.us.
*Contributed by the city of Menifee