POSTED: Monday, November 9, 2009 - 11:56am
UPDATED: Thursday, April 8, 2010 - 2:56am
Nov. 9, 2009
City sales tax collections remain low
Information from the Texas Comptroller indicates that City of Tyler sales tax revenues have decreased 11.39 percent as compared to this period in 2008. This translates into $453,330 less funding than in the same month last year.
Year to date revenues have declined 12.88 percent. Tyler ended the 2008-2009 fiscal year on Sept. 30 with a 3.36 percent decline in sales tax revenue as compared to revenues from fiscal year 2007-2008.
The reported revenue of $3,067,006.65 is comprised of $2,044,671.10 general sales tax revenue and $1,022,335.55 half-cent sales tax revenue. The figures represent receipts from September collections, as there is a two month period before revenue is reported.
“During the beginning of fiscal year 2008/2009, Tyler was still experiencing growth in our sales tax revenues when other communities across the country were seeing significant decreases,” said City Manager Mark McDaniel. “In November 2008, Tyler reported a 3.9 percent increase in revenue and in December we again increased sales tax revenue by 9.15 percent over the same period in the previous fiscal year. Tyler did not see revenues drop until March of 2009. Consequently, when we compare our revenues to the same period last year, the percentage decrease is dramatic.”
“The good news is that the City was very conservative when we prepared our 2009-2010 budget,” added McDaniel. “We projected that it could take several months for sales tax collections to rally. The cuts that we made have kept us in a positive position and are now clearly paying off.”