IE Business Daily Business news for the Inland Empire.
Menifee recorded an increase in sales tax revenue during the second quarter of 2015, the second consecutive quarter the city experienced such growth.
Menifee’s sales tax revenue for April, May and June of this year rose 11.5 percent year-over-year, which was five times greater than Riverside County’s increase during that time and nearly four times that of Southern California, according to the city’s economic development department.
“Our sales tax revenues have continued to increase year-over-year by double-digit percentages and at faster rate than the region, county and some surrounding communities,” Economic Development Director Jeff Wyman said. “This validates Menifee’s growing economic force.”
Six of seven categories recorded sales tax gains during the quarter, with especially solid hikes in the building and construction sector, along with restaurants and general consumer goods.
Lower fuel prices caused a mild drop in revenues derived from the fuel and service stations a category, the department reported.
All sales tax revenue in Menifee goes directly into the city’s general fund, where it is used to pay for basic services, including public safety, parks and some road improvements.
