The Town of Manchester released local option tax revenue figures for the first calendar quarter of 2014.
Overall, revenues increased $12,978 or 5.95% compared to the same quarter in 2013. For 2014 the Town collected $230,930 in local option tax revenues, compared to $217,951 for the same quarter in 2013. This comes after a 3.78% increase in the last quarter of 2013 and a 6.24% increase in the third quarter of 2013.
Sales tax revenue was $160,814, up from $146,266 for the same quarter in 2013. This represents an increase of $14,548, or 9.95%. Meals, rooms, alcohol tax revenue was $70,116, down slightly from $71,685 for the same quarter in 2013 after ten consecutive quarters of positive growth compared to the same quarter in the previous year. The decrease is $1,569, or 2.19%.
The increase in local option tax revenues is good news for two reasons. First, revenues help to reduce the local property taxburden. For the current fiscal year Manchester has the 19th lowest municipal tax rate in Vermont. Second, increases in tax revenues mean increases in economic activity on Main Street (and Depot Street).