RETAIL POURING MONEY INTO LOCAL COFFERS

Retail pouring money into local coffers. With the loosening of the pandemic restrictions, due to vaccine’s and lower Covid cases, the local retail economy has boosted the tax revenue of many local government’s who were struggling to pay for the basic services that ordinary Americans had come to expect from them. Naperville’s restaurants and bars were one example. The city reported the food and beverage tax collected in May was $44.4 million, more than double the amount collected in May 2020 when the pandemic was raging. And the sales figures were higher than the previous year, due to fact that pent up demand for services was finally unleashed. These statistics show that the city’s food and beverage taxes have steadily grown since January, when $26.2 million was collected, even with seating capacity limits and social distancing requirments in place because of Covid-19. The restrictions were not fully lifted until mid-June. Retail pouring money into local coffers.

In February, the revenue collected was $28.1 billion, March $37.1 million, and April, $39.3 million. Naperville Development Partnership Presidnet Christine Jeffries said she’s seen the proof that things are returning to normal first hand. More individuals are also obtaining Tax Resolution Services. “I’m walking through downtown Naperville and people are out and dining,” Jeffries said. “With the expanded capacity inside and outside, I’m not surprised they were able to get out more.” There was also a big increase in gas tax money going into city coffers.

The $4.8 million collected in May was the highest amount since February 2020, the last full month before the governor closed schools and ordered all nonessential workers to stay home because of the pandemic. The city’s gas tax reveneu that month was more than $5 million, data shows. Overall the city’s revenue of $220.5 million for the first half of the year is more than 4% higher than for the same period last year. Sales, income and real estate transfer tax revenue have outpaced projections and fees from electricity usage went up nearly 2% and from water usage 6% due to higher consumption.