County gross receipts tax revenue continues to trail fiscal year 2018 levels
AZTEC — San Juan County continues to trail last fiscal year in gross receipts tax revenue.
Since the start of the fiscal year, the county has received about $14.29 million in gross receipts tax revenue, according to data from the New Mexico Taxation and Revenue Department. In comparison, at this point in fiscal year 2018, the county had received $16.07 million.
In October, county finance director Jim Cox alerted the San Juan County Commission to a shortfall in gross receipts tax revenue. At the time, the county was $818,000 behind budget and was looking at ending this fiscal year with a $3.2 million deficit.
On Tuesday, Cox updated the commission on the budget shortfall.
He said the county worked with the taxation and revenue department to see if there were any anomalies in payments from businesses, but did not find any.
“Our market’s very volatile,” Cox said.
He said the county relies on construction, mining and retail for the majority of its gross receipts tax.
Cox said gross receipts tax revenue from mining and construction is significantly lower.
Cox said the county is putting off capital purchases until January and has created a plan to address the budget shortfall. He said the county will not lay off employees.
Cox said the department heads will give reports to the finance office on Dec. 28 and the budget will be adjusted in January to address the shortfall.
In contrast, Aztec and Bloomfield have seen a slight increase in gross receipts tax revenue while Farmington has seen a slight decrease.
Hannah Grover covers government for The Daily Times. She can be reached at 505-564-4652 or via email at firstname.lastname@example.org.