NORWICH – According to the 2012 adopted budget, the city is bringing in more sales tax revenue than expected, suggesting that one needs go no further than a local retailer to see signs of an improving economy.
The city originally projected $1,340,000 in sales tax for the 2011 fiscal year, according to City Clerk and Director of Finance William Roberts, but with an improving economy and the success of local businesses this year, the city claims this projection could be exceeded by nearly $73,000 once the final tallies are known – the highest annual sales tax revenue collected since 2008. This is more than welcome news for the city, said Roberts.
“We won’t know the final outcome until January ... But retail is ahead pretty much nationwide,” said Roberts. “The economy in general is improving and retail business is improving.”