Business is good in Franklin County and sales tax revenue is up by half a million dollars over this time last year.
Sales taxes are estimated to make up 46.8 percent of the county’s yearly revenues for 2018.
Thus far in 2018, the county has collected just over $12.8 million in sales taxes, which is $513,331 more than this time last year.
As of the end of July 2017, tax collections were in the $12.3 million range and $12.1 million in 2016.
As of now, revenues come from two half-cent and two quarter-cent sales taxes collected at businesses throughout the county.
Those sales taxes are defined into general revenue, capital improvements/road and bridge and two law enforcement funds.
Combined, sales tax revenues from all four funds for 2017 totaled more than $19.1 million and $18.6 million in 2016.
The general revenue and road and bridge funds run very close to the same amount each since they are both half-cent taxes.
Thus far in 2018, the general fund has collected $4,275,861, which is $178,388 more than this time in 2017 and $241,979 over July 2016.
The capital improvements/road and bridge half-cent tax has generated $4,263,800 through July, which is $166,259 more than July 2017 and $229,906 over 2016.
There are two quarter-cent, voter-approved law enforcement sales taxes. One started in the late 1990s and the second in 1997.
Thus far in 2018, the two taxes combined have generated $4,266,080, which is $168,796 over the same period last year and $232,481 over 2016.
In October, the county will begin collecting a third half-cent sales tax dedicated specifically toward funding the additions and renovations of the county jail/911 complex and supplementing law enforcement salaries of commissioned officers in the county.
Franklin County voters approved the new Proposition P tax in April and it is expected to generate the same amounts as the existing general fund and capital improvements/road and bridge sales taxes.
Last year, each of those sales taxes brought in more than $6.3 million in revenues to the county.
Although collection of the Prop P tax will begin three months earlier, the county will not receive any of the funds until January.
Historically, the winter months in the Christmas season see the highest sales tax revenue for the county.
Using 2017 numbers, the first revenues toward Prop P are estimated in the $1.5 million range.