City ends fiscal year with record sales tax revenues
September income up 36%
New developments in Branson this year have boosted the city’s 2006 fiscal year sales and tourism tax revenues to record levels.
The city’s 1.5 percent sales tax revenues increased 7.2 percent over fiscal 2005 and the tourism tax revenues rose 6.3 percent over last year. Branson’s fiscal year is October through September.
Revenue collected by the city in fiscal 2006 from the 1.5% sales tax totaled $13,105,023 and from the tourism tax, $11,017,620. That compares to $12,225,354 for sales and $10,362,329 for tourism taxes in 2005.
Furthermore, for September, sales tax revenues skyrocketed 35.75 percent and tourism tax revenues jumped 10.6 percent compared to the same month last year. Both taxes set a record for September collections.
The 1.5 percent city sales tax, which is a tax on all retail businesses, goes into the general fund to pay for everyday services like police, fire, public works, etc. The tourism tax is only on hotels, restaurants and ticketed attractions. Three-fourths of the tourism tax revenue funds infrastructure like sewers, water and roads while the remaining 25 percent pays for marketing and advertising Branson.
“Branson continues to receive recognition nationally for business development and retention,†said Michael Rankin, the city’s economic development director, “It’s obvious Branson will enjoy development opportunities for many years to come, adding to the quality of life to our citizens and guests.â€
The city’s two most recent TIFs were Branson Landing and Branson Hills Plaza where Target and Home Depot are located. The second phase of the Branson Hills Plaza development, also a TIF district, begins construction in early 2008 and will include a Wal-Mart Supercenter, Kohl’s clothing store and about a dozen other retailers and restaurants. TIFs allow the city to capture one half of all sales taxes generated within the district to go for funding specific public infrastructure.
City officials say Branson Landing has been responsible for spurring other non-TIF projects in Branson like Titanic: the Legend Continues and Dick Clark’s American Bandstand Theater, both of which opened in 2006 and have generated additional visitors to Branson.
Since 1992, the board of aldermen has approved seven TIF projects that have generated new infrastructure and commercial developments contributing to Branson’s first boom in the early 90’s as well as the most recent growth spurt.
