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GRT income more than 1% below estimates

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May-GRT-chart_foodThe May gross receipts tax distribution to the City of Rio Rancho’s general fund dropped GRT income for the fiscal year more than 1 percent below projections.

The May distribution is based on March economic activity.

According to a report from interim Financial Services Director Marta Ortiz, May GRT income was just more than $2 million, 12.1 percent, or $158,000, below the estimate for the month.

For the fiscal year to date, the GRT income is 1.2 percent, or $284,000, below the estimate. That means a budget variance of 1.1 percent, Ortiz wrote.

Nonetheless, she said, this fiscal year’s GRT revenue is 0.7 percent above last year’s at this time.

Decreases in GRT income from the construction, finance and insurance, and retail sectors, compared to fiscal-year totals from last May, are responsible for the drop below estimates, according to the report. Those sectors were down 12.2 percent, 39.3 percent and 4.7 percent, respectively.

Ortiz wrote that the manufacturing distribution so far this fiscal year is 84.2 percent, or about $537,000, higher than this time last year. However, the utilities distribution is down 16.2 percent, or $567,000.

“The net effect of these two sectors shows a slight decline of $61,797 from one year ago,” Ortiz wrote.

For the retail sector, GRT income was 1.2 percent lower fiscal year to date overall, but the food-related sales within that sector are up 3.7 percent.

The services sector is up 3.5 percent this fiscal year so far. Within that sector, according to Ortiz’s report, administrative and support services GRT income went up 20.1 percent and educational services increased 26.8 percent compared to this time last fiscal year.

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