An early indication of an increase in sales tax revenue for the town of Mount Olive is being eyed with interest by town officials.
Town Manager Charles Brown said routine monthly revenue reimbursed to the town ranges from $70,000 to $80,000, and usually there are some periods where it dips down to about $60,000.
He said the numbers for the first six months of the fiscal year have remained steady in the $70,000 to $80,000 range.
Brown said it indicates a healthy local and national economy.
Sales tax reimbursements to the town are the second largest source of revenue for the town.
Brown said it is also a positive factor as time approaches for putting together another budget to operate the town.
The town manager said while he is always working on a new budget, the real process does not kick off until the town board has a work session in January or February to provide input.
“We like to have six months of the current year under our belt and at that point the numbers are looking like a small hike in revenue,” he said.
He said he has already started a rough draft.
He said it all will kick into another gear after the board work session.
“I’ll have an estimate for them at the work session and it gives them the chance to make whatever changes they want or feel necessary,” Brown said.
The spike in sales tax revenue for the first six months, he said, looks the best it has in a while.
Other than property tax revenue, sales tax monthly reimbursements are the town’s second largest source of revenue.
“This is all an indicator of a healthy economy and right now it looks the best it has in a while,” the town manager added.