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Sioux Falls Experiencing Financial Prosperity

December 10, 2013, 5:54 PM by Jared Ransom

Sioux Falls Experiencing Financial Prosperity

The end of each year brings questions about how the City of Sioux Falls is fairing financially. Based on the November report, the City is flush with cash.

One of the biggest reasons behind the boost is Sioux Falls' building permit numbers.

"We've got one month left to go this year and we've already surpassed the best year on record, which was 2007 prior to the most recent recession," Director of Finance Tracy Turbak said.

The City has issued permits valued at $146 million more compared to 2012. That's an even bigger jump from what was issued in 2011.

"It's up over 100 percent from 2011, and that really wasn't a bad year. We saw a fair amount of activity in 2011, but we've more than doubled that through November of this year," Turbak said.

The amount of taxes collected from sales in Sioux Falls is also on a record pace.

"It's gone from about five-percent growth rate to now approaching eight-percent growth rate, so we've seen activity pick up considerably since this past spring," Turbak said.

Councilors did ask about spending on Black Friday, but Turbak says those numbers are never known until at least two months down the road.

"If you look back at some of the historical numbers in the report, you see January is quite often the biggest month of the year in terms of the amount of sales tax revenue," Turbak said.

The one major cost for the City was the tab for Operation Timber Strike at $8 million, but the City will see much of that reimbursed from FEMA.

Another high point from Tuesday's informational meeting is the number of people employed in Sioux Falls. Compared to last year, there are about 6,000 more people working right now in Sioux Falls.

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