Page 58 - FY 2022-23 Revenue Outlook

Sales Tax - (Million Dollars)

700 600 500 400 300 200 100 rate was at its With the onset of the

j . . . . 6.4 1 I 22 triple-flip.
17.5 10.7 ! ¼_____ I
--------.. ---- . ------- ...... ...... . 17
. . : . . ,

City 1-Percent Sales Tax and Local Unemployment Rate
-~ --------------- ------ · .. . --------------

•I .. ------ 12
12.4
----------- ---------------

--- 5.3 07

. ,..

Sales Tax _____ ······•· .. --------- 02 97 Fiscal Year Ending Sales tax revenue is an economically sensitive revenue that echoes changes in employment. In the chart above, as the unemployment rate increases during economic downturns, growth in City sales tax revenue slows or declines. Prior to the pandemic, the unemployment highest level (12.8 percent) during the Great Recession in this 40-year time series, which coinci

Increasing Unemployment Seasonally Adjusted Unemployment Rate Sales Tax Receipts 12-Mo. Moving Sum (adj. for Triple-Flip) 92

--------------- 87

:·· .
. .
.
82
20 17 14 11 8 5 2
State.
Unemployment Rate (%)