Posted 12:46 pm Friday, December 14, 2012
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Tyler sees bump in sales tax numbers
Tyler city officials are feeling hopeful about a small bump in sales tax figures.
The city has seen a 10.64 percent increase in sales tax revenues deposited for the month of December compared to December 2011, according to a press release from the city.
This increase includes a cumulative year-to-date increase of 3.16 percent for the city's fiscal year, which covers the period of Oct. 1 to Sept. 30. And it means a slight increase in what the city predicted for the current fiscal year.
The reported revenue of $2.8 million is comprised of $1.8 million in general sales tax revenue and $934,757 in half-cent sales tax revenue. The figures represent receipts from October 2012 collections as there is a two-month lag before taxes are reported and remitted back to the city from the state, according to the press release.
"We are pleased to see an uptick in our sales tax revenue and hope that a positive trend from month to month will develop over the next several months," City Manager Mark McDaniel said in a prepared statement.
He added that the 3 percent cumulative growth is just what the city was projecting. "We are on the right trajectory compared to the budget," McDaniel said in the press release.
About 6.48 percent of that increase comes from an increase in in-period collections, which means the tax was paid in the correct month versus a future payment or a payment that is past due, Susan Guthrie, managing director of external relations, said.
Although the news is positive, city officials are cautious. "Sales tax revenues encompass oil and gas sales, utilities, building permits, and much more -- it's not just retail sales," Ms. Guthrie said.
"We encourage people to shop locally and to keep this revenue in Tyler -- supporting our local businesses and municipal operations, like police and fire protection," Ms. Guthrie said.
The city did not release November sales tax numbers, but Tyler sales tax revenue deposited for October grew 2.63 percent compared to October 2011. This resulted in a cumulative year-to-date increase of the same amount because October was the start of the new fiscal year.
In figures released Wednesday, Texas Comptroller Susan Combs said the state distributed $552 million in monthly sales tax revenue to local governments. Ms. Combs stated in a news release that state sales revenue in November was $2.34 billion, up 13.1 percent compared to November 2011.
"Gains across major sectors boosted state sales tax revenue," Ms. Combs said in a prepared statement.
"Collections were strong in sectors such as retail trade, manufacturing, oil and natural gas," Ms. Combs said.
