Loveland city finances are running well into the black, with revenues so far this year exceeding expenditures by $3.6 million, city councilors learned Tuesday in a report from budget managers.
Boosted by steadily rising sales tax collections, revenue at the end of May was just shy of the $80 million mark, or 2.4 percent above what the city finance staff had projected for the first five months of the year.
Budget manager John Hartman said the sales tax growth was driven partly by the addition of 103 new businesses registered with sales tax accounts in the city, another reflection of the region’s improving economy.
In addition to retail sales strength, collections of the voter-approved 3 percent lodging tax are also exceeding expectations. The $197,000 paid by hotel and motel guests is one-fifth higher than budget managers had estimated.
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