Belen gross receipts down 9 percent for year

June 23, 2010

The City of Belen’s gross receipts tax revenue ended the current fiscal year down more than $549,000 from projections.

While each month’s gross receipts taxes varied in loss, February was the worst month with a 10-percent loss.

The loss in June was also significant — approximately $100,000 under projections. The total amount received in June was $391,000.

The budget for the fiscal year beginning in July, however, is based on gross receipts tax revenue averaged around $435,000 a month.

In other words, should monthly gross receipts tax revenue continue to come in below next year’s anticipated amount, the city will have substantial operational challenges.

Because of the June’s loss, on Monday night the Belen City Council approved furloughs for all city employees, including the mayor and city councilors.

The furlough days will be taken one day each month on the month’s first holiday, days the city government would normally be shut down. That allows for city services to remain mostly unaffected.

Each furlough day is expected to save approximately $11,000.

Posted in: Economy