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Aug 17 2011

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City sales tax figures up

Information from the Texas Comptroller indicates that City of Tyler sales tax revenues deposited for the month of August have increased 6.80 percent as compared to August 2010, resulting in a 3.73 percent cumulative year-to-date increase.
The reported revenue of $3,206,450 is comprised of $2,137,633 general sales tax revenue and $1,068,816 half-cent sales tax revenue. The figures represent receipts from June 2011 collections as there is a two-month lag before taxes are reported and remitted back to the City from the State.
The City manager presented the 2011-2012 proposed budget to City Council today, August 10.  The plan estimates a three percent increase in sales tax revenue during the fiscal year.
“We are being very conservative in our budgeting process,” explained City Manager Mark McDaniel.  “The budget assumes a three percent increase in revenue from sales tax over the course of the next year.  However, we monitor expenses and revenues on a monthly basis.  If the revenues are not trending as we predicted, we will curtail spending to ensure we stay within budget.”
The City of Tyler is proposing to keep its current property tax rate of 20.89 cents per $100 valuation moving into the next fiscal year.

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