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Two-percent Sales Tax Breakdown

2014.salestaxbreakdown

[table width =”100%” style =”” responsive =”true”] [table_head] [th_column][/th_column] [th_column]General[/th_column] [th_column]GTEC[/th_column] [th_column]GEDCO[/th_column] [th_column]Prop Tax[/th_column] [th_column]Streets[/th_column] [th_column][/th_column] [/table_head] [table_body] [table_row] [row_column]Fiscal Year[/row_column] [row_column]1%[/row_column] [row_column]0.50%[/row_column] [row_column]0.125%[/row_column] [row_column]0.125%[/row_column] [row_column]0.25%[/row_column] [row_column]Total[/row_column] [/table_row] [table_row] [row_column]2004[/row_column] [row_column]4,217,991[/row_column] [row_column]2,118,443[/row_column] [row_column][/row_column] [row_column][/row_column] [row_column]1,059,222[/row_column] [row_column]7,395,656[/row_column] [/table_row] [table_row] [row_column]2005[/row_column] [row_column]4,874,132[/row_column] [row_column]2,448,521[/row_column] [row_column][/row_column] [row_column][/row_column] [row_column]1,224,261[/row_column] [row_column]8,546,914[/row_column] [/table_row] [table_row] [row_column]2006[/row_column] [row_column]6,056,507[/row_column] [row_column]3,040,499[/row_column] [row_column]760,125[/row_column] [row_column]760,125[/row_column] [row_column]1,520,249[/row_column] [row_column]12,137,505[/row_column] [/table_row] [table_row] [row_column] 2007[/row_column] [row_column] 6,761,872[/row_column] [row_column] 3,390,451[/row_column] [row_column] 847,613[/row_column] [row_column] 847,613[/row_column] [row_column] 1,695,226[/row_column] [row_column] 13,542,775[/row_column] [/table_row] [table_row] [row_column] 2008[/row_column] [row_column] 7,310,027[/row_column] [row_column] 3,666,502[/row_column] [row_column] 916,625[/row_column] [row_column] 916,625[/row_column] [row_column] 1,833,251[/row_column] [row_column] 14,643,030[/row_column] [/table_row] [table_row] [row_column] 2009[/row_column] [row_column] 6,943,036[/row_column] [row_column] 3,477,706[/row_column] [row_column] 869,426[/row_column] [row_column] 869,426[/row_column] [row_column] 1,738,853[/row_column] [row_column] 13,898,447[/row_column] [/table_row] [table_row] [row_column] 2010[/row_column] [row_column] 7,454,806[/row_column] [row_column] 3,727,403[/row_column] [row_column] 931,851[/row_column] [row_column] 931,851[/row_column] [row_column] 1,863,702[/row_column] [row_column] 14,909,613[/row_column] [/table_row] [table_row] [row_column] 2011[/row_column] [row_column] 8,295,344[/row_column] [row_column] 3,901,932[/row_column] [row_column] 975,483[/row_column] [row_column] 975,483[/row_column] [row_column] 1,950,966[/row_column] [row_column] 16,099,208[/row_column] [/table_row] [table_row] [row_column]2012[/row_column] [row_column] 8,277,502[/row_column] [row_column] 4,138,751[/row_column] [row_column] 1,034,688[/row_column] [row_column] 1,034,688[/row_column] [row_column] 2,069,376[/row_column] [row_column] 16,555,005[/row_column] [/table_row] [table_row] [row_column]2013[/row_column] [row_column] 9,326,554[/row_column] [row_column] 4,663,277[/row_column] [row_column] 1,165,819[/row_column] [row_column] 1,165,819[/row_column] [row_column] 2,331,639[/row_column] [row_column] 18,653,108[/row_column] [/table_row] [table_row] [row_column]* 2014[/row_column] [row_column] 10,460,000[/row_column] [row_column] 5,230,000[/row_column] [row_column] 1,307,500[/row_column] [row_column] 1,307,500[/row_column] [row_column] 2,615,000[/row_column] [row_column] 20,920,000[/row_column] [/table_row] [table_row] [row_column]* 2015[/row_column] [row_column] 10,983,000[/row_column] [row_column] 5,491,500[/row_column] [row_column] 1,372,875[/row_column] [row_column] 1,372,875[/row_column] [row_column] 2,745,750[/row_column] [row_column] 21,966,000[/row_column] [/table_row] [/table_body] [/table]

In 2001, voters authorized the adoption of an additional 0.5% sales and use tax within the City, with the proceeds to be used for transportation system improvements to support economic development.  The additional revenue is not part of the City’s general operating budget, but is budgeted and spent by a non-profit economic development corporation, Georgetown Transportation Enhancement Corporation (GTEC).  GTEC was established expressly for the above purpose by the City Council.  GTEC’s activities are included in the City’s audited financial statements as a blended component unit. A copy of GTEC’s approved 2014/15 budget is included within the reference section of the Annual Budget.

In November 2002, voters authorized the adoption of an additional 0.25% sales and use tax within the City with the proceeds to be used for maintenance of streets in existence at the time of the adoption of the tax.  This revenue is included in the City’s operating budget in a Special Revenue Fund.  This tax has a four year sunset provision, and was reauthorized by the voters in November 2006, November 2010, and in November 2014.

In May 2005, voters authorized the adoption of an additional 0.125% sales and use tax within the City with the proceeds to be used to promote and develop new and expanded business enterprise on behalf of the City of Georgetown and became effective October 1, 2005.  This additional revenue is not part of the City’s operating budget, and is budgeted and spent by a non-profit economic development corporation, Georgetown Economic Development Corporation (GEDCO).  This corporation was established by the City Council to oversee this revenue.  Activities are included in the City’s audited financial statements as a discretely presented component unit.  A copy of GEDCO’s approved 2014/15 budget is also included within the reference section of the Annual Budget.

In May 2005, voters also authorized the adoption of an additional 0.125% sales and use tax within the City with the proceeds to be used for property tax relief.  This tax became effective October 1, 2005 and is used in the City’s 2014/15 property tax calculation.  Revenue from this sales tax is included in the City’s general operating budget.