Fulton County sales tax revenue topped $3.6 million when the county received its November share from the Ohio Department of Taxation.
The sales tax is up more $202,845.99 from the same January through-November time frame in 2007. In percentage terms, the 2008 year-to-date sales tax revenue is about 5.5% ahead of 2007.
For the month of November 2008, Fulton County’s 1% share of sales tax revenue was $361,211.47, which was up about 10.9%, or $35,357.17, from November 2007.
“We are pleased to see the increase in the sales tax performance. Current revenue is $347,011.08 ahead of my projections,” Vond Hall, Fulton County administrator, said.
Retailers and some service providers collect 6.5% sales tax on transactions in Fulton County. The merchants collect the tax, then forward it to the Department of Taxation.
The Department of Taxation calculates Fulton County’s 1% share of the total revenues, then forwards a check to Fulton County every month.
It takes about three months for the Department of Taxation to complete its computations and forward the check, so November sales tax revenue was actually collected by local mer- chants about three months ago.
Money raised by sales tax goes to the county general fund.
“Sales tax revenue is vital to the general fund,” Hall said.
“Sales tax receipts are the single largest source of operating revenues.
“In 2007, it accounted for 36% of the total general fund revenue,” he said.