Thursday, January 29, 2015 07:00 PM

SALES TAX REVENUE TAKES A BIG JUMP IN NOVEMBER

Economists have predicted that falling fuel prices could boost retail sales as consumers spend the money they are no longer paying for fuel on other goods and services. Whitfield County’s November sales tax collections may be a sign that local consumers are opening up their wallets.The county took in $959,433 in Local Option Sales Tax (LOST) revenue in November, an increase of 9 percent from some $880,213 in November 2013.Board of Commissioners Chairman Mike Babb says that was a welcome piece of good news to end the year.Officials can’t say for sure what caused the increase, but Babb said falling fuel prices could be playing a part.“I’ve heard it on the national news and the Atlanta news, and I when went down to the trustees meeting for the employees’ pension plan the consultants said the drop in gasoline price is not only putting money into people’s pockets, it’s putting it into the pockets of those who are most likely to spend it, the middle class,” he said.The average price for a gallon of regular unleaded gasoline in Georgia on Monday was $2.27, according to the AAA Daily Fuel Gauge Report. That’s down from $2.70 a month earlier and $3.21 a ...

News source: http://www.daltondailycitizen.com/news/sales-tax-revenue-takes-a-big-jump-in-november/article_25428a62-8fdb-11e4-ab04-97defd11b068.html

See also: Lyle Industries