Sales tax remains lower than previous year
POSTED: Friday, December 11, 2009 - 6:11pm
UPDATED: Wednesday, March 17, 2010 - 12:06pm
Information from the Texas Comptroller indicates that City of Tyler sales tax revenues have decreased 15.2 percent as compared to this period in 2008.
This translates into $445,114 less funding than in the same month last year.
Year-to-date revenues have declined 12.61 percent which is an improvement of .27 percent over last month. December revenues are still nearly $200,000 less than collections in 2007 and $8,000 less than the same period in 2006.
The reported revenue of $ 2,483,311.76 is comprised of $ 1,655,541.17 general sales tax revenue and $ 827,770.59 half-cent sales tax revenue. The figures represent receipts from October collections, as there is a two month period before revenue is reported.
Other East Texas cities experienced similar monthly declines in sales tax revenue, including Lufkin with a 20.31 percent decrease; Lindale with a 20.20 percent drop; and Longview with a 23.99 percent decrease.
"We are watching our sales tax revenues closely as well as our expenditures," said City Manager Mark McDaniel. "We will begin our budget process in January - which is several months early - to ensure we are prepared to respond if revenues continue to drop. When preparing for our current year budget, we anticipated that it would take some time for the local economy to rally and are prepared should it take longer than expected."