Tyler sales tax revenue deposited for October grew 2.63 percent compared to a year ago, resulting in a cumulative year-to-date increase of the same amount because this month is the start of the fiscal year.
“This is a great way to start off our new fiscal year,” City Manager Mark McDaniel said in a prepared statement. “The six percent growth we saw during September helped us end 2011-2012 in a strong financial position and the continued growth this month has set a positive tone for the upcoming fiscal year.”
The boost, which is nearing levels not seen since before the 2008 economic downtown, also means the city is lifting its soft hiring freeze, at least for now.
McDaniel said the resumption in hiring does not means a free-for-all in spending.
“We will continue our rigorous efforts to operate as efficiently as possible as these have served us well and allowed us to lower property tax rates more than 60 percent in the last 15 years,” the city manager said.
The boom can also be seen at the state level.
State sales tax revenue in September was $1.96 billion, up 11.6 percent compared to September 2011, Texas Comptroller Susan Combs announced earlier this week.
“Continued strength in the manufacturing and oil and natural gas sectors led to the sales tax revenue increase,” she said, also in a written statement. “Collections were also boosted by improvement in consumer spending at restaurants and retail stores. State sales tax revenue has now increased for 30 straight months.”
Ms. Combs is sending October local sales tax allocations totaling $551 million to cities, counties, transit systems and special purpose taxing districts. Those local sales tax allocations are up 9.1 percent compared to one year ago.
Tyler’s sales tax revenues deposited last month surged 6.35 percent compared to a year ago, resulting in a 2.37 percent cumulative year-to-date increase.
The estimated $2.7 million in revenue was made up of about $1.8 million in general sales tax revenue and about $909,732 in half-cent sales taxes.
State sales tax revenue was up $2.34 billion, up 18.5 percent compared to August 2011.
About $559.2 million in sales tax revenue was distributed to special taxing districts, up 15.5 percent compared to the previous year.
Tyler sales tax figures deposited for August reflect a 2.05 percent uptick compared to one year ago and represent a 2.20 percent cumulative year-to-date increase. The reported $3.2 million in revenue is comprised of $2.1 million in general sales tax revenue and $1 million in half-cent sales tax revenue.
At the state level, sales tax revenue amounted to $2.5 billion, up 10.1 percent compared to a year earlier, with about $632 million given to taxing entities, Ms. Combs said earlier.