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Jul 13 2011

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City sales tax figures up 3.4 percent

Information from the Texas Comptroller indicates that City of Tyler sales tax revenues deposited for the month of July have increased 2.66 percent as compared to July 2010, resulting in a 3.4 percent cumulative year-to-date increase.
The reported revenue of $2,601,235 is comprised of $1,734,157 general sales tax revenue and $867,078 half-cent sales tax revenue. The figures represent receipts from May 2011 collections as there is a two-month lag before taxes are reported and remitted back to the City from the State.
The City is currently in the process of preparing the 2011-2012 proposed budget for presentation to City Council on August 10.
“We are monitoring sales tax revenues closely to see how they are trending in preparation for the 2011-2012 budget proposal,” explained City Manager Mark McDaniel.  “Thus far we have seen slow and steady growth in our revenues; which is a promising sign.  However, we will remain cautious in our budgeting to ensure we are able to balance our budget moving into the next fiscal year.”
The City of Tyler took aggressive steps in 2009 and 2010 in response to the economic downturn, freezing as many as 140 vacancies and curtailing spending to ensure expenditures did not exceed revenues.
“The steps we took in the last two years have positioned us well as the economy slowly recovers,” added McDaniel.  “Had we not tightened our belts and made tough decisions then, we would still be struggling in the next fiscal year.”

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