A BIG JUMP IN GROSS RECEIPTS TAX REVENUE FROM THE CONSTRUCTION INDUSTRY HELPS THE CITY OF ALBUQUERQUE EXCEED ITS REVENUE PROJECTIONS. CHIEF FINANCIAL OFFICER SANJAY BHAKTA TELLS US THEY HAD EXPECTED A JUMP OF ABOUT 1-POINT-7 PERCENT BUT THE MOST RECENT NUMBERS SHOW A 2 PERCENT INCREASE.
HOWEVER HE TELLS US RETAIL CONTINUES TO STRUGGLE, DUE TO WHAT HE CALLS THE “AMAZON EFFECT.” BHAKTA SAYS THE CITY GETS NOTHING WHEN YOU BUY SOMETHING FROM AMAZON.
CONSTRUCTION HAD THE LARGEST IMPROVEMENT, UP 19.4 PERCENT. HOTELS AND FOOD SERVICES WERE ALSO UP BY ABOUT 4 PERCENT.
