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Shreveport's rolling in the $$$ - KTBS.com - Shreveport, LA News, Weather and Sports

Shreveport's rolling in the $$$

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We've got good news to report! Our local economy is doing a bit better according to reports on the city's sales tax receipts. That means as much as $2 million dollars overall went back into city coffers after dismal financial reports about the city's revenue earlier last year.

The city collects a sales tax on what local businesses, like restaurants and stores sell to customers. Shreveport along with Caddo Parish has a combined sales tax of 4.6%. Sherricka Fields is the city's Assistant CAO. She says that extra money is replenishing what the city of Shreveport has been missing. "Right now the city is seeing 5 consecutive months of increases in sales taxes. We're going to use these funds to be able to recover the city's general fund for it to be in reserves. It's kind of a rainy day fund for the city. Rather than direct it to any project we're going to have it there just as a cushion, just as anyone would a savings account."

Early in 2013, sales tax revenue was down by as much as 3%. But there was a turnaround by the summer and sales tax revenue jumped up to 6%. City councilman Michael Corbin says increased sales tax receipts are definitely a good sign. "Our economy here in Shreveport seems to be constant and slightly improving and that's good news for us. The first few months of the year, we were below budget and certainly worried, but it looks like consumers are out there buying things and that certainly helps."

Corbin says it's a nice trend but he doesn't believe it's the bump the city needs in it's reserves to go forward with a second bond sale to get more projects funded. "I don't think we're there yet, but I believe that every move we make in this direction gets us a little bit closer."

Officials say they haven't collected December's sales tax data but with December including the holiday shopping season they're extremely optimistic. In addition to our local sales tax, the state of Louisiana collects a 4% sales tax on most retail items and certain services.

 

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