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Tuesday, 29 March 2016 17:54

Menifee Experiences Second Largest Sales Tax Revenue Increase To Date Featured

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For the fifth consecutive year, Menifee’s third quarter sales tax revenues outpaced the prior year’s results, a key indicator of a strong and growing local economy. 

The city’s sales tax revenues from July, August and September 2015 climbed 11.6 percent when compared with the same quarter one year prior, the second largest adjusted reported increase since the city’s inception in 2008. “As more businesses and restaurants open, Menifee’s sales tax revenues will continue to increase,” said Interim Development Director Jeff Wyman. “A newer city like Menifee depends on sales tax revenues to provide basic city services such as public safety, parks and community services, along with some road improvements.” 

Overall, the consumer goods category contributed most of the city’s sales tax revenues, 28 percent, and continues to outpace previous years’ results. A large increase in building and construction-related spending, along with an uptick in restaurant revenues, contributed to the double-digit sales tax revenue increase for Q3, 2015. Although continued lower fuel prices caused a slight dip in revenues from the fuel and services stations category, the sales tax revenue increases from the other six categories compensated for the loss. 

“In addition to providing some new dining options, last year’s newly opened casual and quick dining restaurants including Applebee’s, Five Guys Burgers and Fries, Jersey Mike’s and Flame Broiler, are helping to increase the city’s sales tax revenues,” added Wyman. 

When compared with surrounding cities, the region and Southern California, Menifee’s sales tax revenue categorically outpaced the region. Menifee reported increases nearly four times greater than Riverside County’s 3.1 percent increase and three-and-a-half times Southern California’s 3.6 percent increase. 

“The fact that Menifee’s sales tax revenues have continually outpaced the regions is evidence that Menifee’s economy continues to grow and that the city is dedicated to attracting the amenities and services residents are asking for,” added Wyman.

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Menifee Buzz Staff