City banks on $2.6Million in higher fund balance, due to increase in GRT
July 24, 2013
Albuquerque- The city is experiencing its third month of having positive Gross Receipt Tax growth. Sectors with the biggest contributing increases are construction and retail trade. The other category that saw growth included services like automobile repair, laundry mats, along with beauty services. In the most recent GRT report the city saw more than a 4% increase, year over year which gave Albuquerque a cumulative growth of 1.3% for fiscal year 2013. The City has been conservative when incorporating GRT growth into the budget, so the increase in GRT means the City now has $2.6 million in additional dollars. These monies make up 63% of the City’s resources within the general fund.
"This is a great indicator that the economy is picking up and it’s encouraging to see we’re all coming together to invest and create jobs within our city," said Mayor Richard J. Berry. "We also greatly appreciate the community-wide support seen from Albuquerquians when they buy local and boast about our city to friends and family across the nation."
Almost all sectors have seen growth, including construction, retail, professional services, and other services. The only sector which has declined is accommodations and food service.