Taxable Sales Flat In FY 2017-2018

FY17-18 Storey County Taxable Sales Remain Flat

The Nevada Department of Taxation released a lengthy report on Nevada’s taxable sales in 2018. According to their figures, Nevada’s revenue from taxable sales are up over FY 2016-2017. Taxable Sales reached $4.3 billion dollars in February 2018, a 3.2% increase over February 2017.

“Looking at how the combined first eight months of this fiscal year compare to the same period last year, statewide taxable sales are up 4.2 percent. Drilling down into the top spending indicators that help drive that growth, we see that professional, scientific, and technical services has experienced nearly 25 percent growth this fiscal year to date over the same period last year.” said Executive Directory Bill Anderson.

Taxable Sales Slightly Down

While taxable sales revenue continues to grow around the state, revenues in Storey County are flat. According to numbers provided from the Nevada Department of Taxation’s website (which you can access here) Storey County Taxable Sales figures in FY17-18 are down slightly from FY16-17. See the Chart above.

As you can see from the chart above which compares month to month FY16-17 and FY 17-18, there is no real consistency in terms of sales from month to month. This means that there is still time for a nice uptick in taxable sales numbers which would bode well for the Schools and the General Fund.

On the other hand, there are now three quarters of numbers in the books and it doesn’t appear there will be an appreciable increase in taxable revenues. This would mean that in terms of taxable sales revenue we shouldn’t count on extra cash to spend as we put the finishing touches on the official budget.

How Much Will We Get?

As we reported here, last year Storey County reported a tremendous 585% increase in taxable sales. The record 1.6 billion in taxable sales actually generated slightly less revenues for Storey County Schools and the General Fund.

Our fingers are crossed that this trend will not continue once the final sales figures are in.

Stay Tuned.

 

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