City sales tax receipts surpass previous yearDecember 7, 2017 9:47pm

Dec. 07--The city of Gainesville saw significant increases in sales tax collections for the month of October bringing the year's total nearly 0.5 percent more than last years.

Texas Comptroller Glenn Hegar announced this week that he will send cities, counties, transit systems and special purpose taxing districts $695.2 million in local sales tax allocations for December, 10.8 percent more than in December 2016. These allocations are based on sales made in October by businesses that report tax monthly.

"The double-digit growth in sales tax revenue compared to last year was fueled, in part, by increased collections from oil- and natural gas-related sectors," Hegar said. "Recent higher oil prices have spurred increased well drilling and completion. Collections from retail trade and restaurants were also up, reflecting growth in consumer spending."

According to the Comptroller's office, the city's share of sales tax collections, $749, is 23.9 percent more than for the same period last year. For the year, Gainesville's 1.5 percent tax has generated about $6.7 million in revenue.

Muenster and Valley View also reported increase in sales tax allocations for the month. Muenster saw a 13.5 percent increase for the month and Valley View reported a 10.1 percent increase.

Decreases were reported in Lindsay and Oak Ridge -- 2.3 percent and 14.7 percent respectively.

For the same month, Cooke County, which collections a sales tax of .5 percent, received $213,681, about 18 percent more than the same time last year. For the year, the county's collections have been about 24 percent more than last year.

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(c)2017 Gainesville Daily Register (Gainesville, Texas)

Visit the Gainesville Daily Register (Gainesville, Texas) at www.gainesvilleregister.com

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