The Kenai Peninsula Borough took in about $5.2 million more in sales tax revenue over the last year than expected. That’s according to the borough’s June 2021 Revenue-Expenditure Report shared with members of the borough assembly by Borough Payroll Accountant Sarah Hostetter last month.
In projecting sales tax revenue for fiscal year 2021, which began on July 1, 2020 and June 30, 2021, the borough said it planned conservatively in anticipation of the impacts of the COVID-19 pandemic. The report shows sales tax revenue was estimated at about $27.4 million, while the actual revenue received was about $32.7 million.
According to the Kenai Peninsula Borough Sales Tax Division, an area-wide sales tax of up to 3% was authorized by borough voters in 1964. That tax was meant to apply to the price of all retail, sales, rents and services rendered in the borough, with proceeds to be dedicated exclusively to borough schools.
The borough’s full revenue and expenditure report can be found on the borough’s website at kpb.us.
Reach reporter Ashlyn O’Hara at firstname.lastname@example.org.