Sales tax revenue may exceed $1 million for first time

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The projected estimate for current fiscal year sales tax revenue has climbed to $880,684 for the town of Mount Olive, up from the $850,000 the town received from the state last year.

Now, officials say it appears their total net could exceed a million dollars for the first time ever.

“Right now,” said Town Manager Charles Brown, “if the monthly reimbursements we get continue on the same track we will probably exceed a million dollars in local option sales tax.”

It all reflects a healthy economy here and nationwide, according to the town manager.

He said a big reason for the spike is the addition of a new hardware store here that is attracting customers from the entire area.

A new restaurant also just opened several weeks ago.

Revenue from sales tax is a major source of revenue for the town, second only to property tax income.

Brown, who has been in the manager seat since 2006, said what he is seeing right now has continued to creep up each year, but right now the revenue appears to be more than expected.

Other than the two new businesses in Mount Olive, he said he cannot put his finger on the reason for the increase.

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