November sales tax receipts for the Ord city sales tax program for economic development are reported below. Sales tax receipts for the economic development fund are available for a variety of uses including low interest loans for business development, site and property improvement, community development and community promotion.
Of the annual receipts for the 1% sales tax, only 4/10 of 1% of the City’s annual property tax valuation can be used for economic development purposes, in accordance with Nebraska law. Any excess funds above the amount at the end of the 12-13 fiscal year will be transferred to the general fund of the City for expenditure on infrastructure, parks, community promotion and public safety purposes.
Monthly Sales Tax Receipts for Economic Development
In 2012, a qualifying Valley County business received a sales tax refund in the amount of $198,000, denoted by an asterisk above***. The refund was paid out through sales tax collections made possible by the local option municipal economic development fund.
Additionally, the current economic development fund balance as of 2/4/2013 is: $60,019. Sales tax loan #2013-01 was approved last night by city council in the amount of $113,500.