The Village of Los Lunas GRT (Gross Receipt Tax) revenue is up by millions!
The Village of Los Lunas is experiencing a steady rise in gross receipts tax revenue, mainly from the construction of the Facebook Data Center.
In a quarterly report for the 2017-18 fiscal year, it shows a cumulative GRT increase of 63.37 percent by July, rising more than a percentage point to 64.85 percent by August and in September it had risen to 65.56 percent.
The cumulative GRT received by the month of July was $1.6 million and rose to $3.4 million by August, reaching a total cumulative GRT revenue of more than $5 million by September, nearly $2 million more than at the same point last year.
“We’ve been lucky,” said Los Lunas Mayor Charles Griego. Out of the possible 6 total buildings, two are hoping to be complete by 2019.
There have been other Economic Development as well that have contributed to this growth, but the Facebook Data Center has really been the heavy lifter. Greg Martin, the Village Administrator, said they have not yet identified how the increased revenue will be spent, but a goals and objectives workshop is slated for January. The new money will likely accelerate some of the Village’s planned projects, the Mayor said, such as road and park improvements. The Village also has an obligation, by agreement, to provide Facebook a percentage of the construction GRT.
In addition, accommodations and food services GRT’s have also increased and remain higher than usual.