Sales tax revenues continue incline

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August 30, 2011

By GREG RUSSELL, Register Staff Writer Gainesville Daily Register The Daily Register Tue Aug 30, 2011, 11:19 AM CDT

Cooke County — Texas Comptroller of Public Accounts Susan Combs reported the state’s ongoing increase of sales tax revenue has reached its 16th month. As in months past, Combs chiefly credited business spending in oil and gas sectors. “Sales tax revenue from restaurants also showed gains,” she added in a recent press release. Cooke County’s sales tax allocation payment for August is $737,313, a 51 percent increase from the August 2010 total of $488.089. The revenue and payment are based primarily on revenue reported in July. In her release, Combs said the state’s allocation for August is $606.7 million, which is based on July’s sales tax revenue of $1.86 billion. The allocation is a 9.1 percent increase from August 2010 and the revenue is a 10.3 percent increase from July 2010. The comptroller’s sum, reported earlier in August, includes payments to cities, counties, special taxing districts and transit systems. The release said cities are receiving $406.8 million, an 8.4 percent increase from August 2010; counties are receiving $37.6 million, an 11.6 percent increase; transit systems are receiving $135 milion, a 9.4 percent increase; and special purpose taxing districts are receiving $27.1 million, a 15.3 percent increase. The comptroller’s Cooke County breakdown shows Gainesville received $677,900 for August, a 58.7 percent rise over the same period last year. Gainesville Economic Development Corporation Executive Director Kent Sharp said the city’s sales tax revenue has been impressive in many venues. But the big numbers ultimately come down to one of them. “Generally speaking, across our retail sector, there was an increase — from restaurant to groceries, you name it,” he said. “But I think probably the muscie behind this increase for the month of August was the energy sector.” And Gainesville’s revenue success evidently accounts for the county’s overall rise in allocations. Lindsay received $9,639, a 7 percent decrease from August 2010, and Muenster received $34,474, a 2.71 percent increase. Oak Ridge and Valley View also showed decreases from the same period 12 months ago; the former city received $6,295 in allocations, a 3 percent decrease. The latter received $9,004, a decrease of 15 percent. These cities share a tax rate of 1.5 percent. Sharp said he couldn’t deny what the oil and gas companies and their related manufacturing has done for the city over the past year-and-a-half, but nothing is a sure thing forever. “For those who’ve lived in Texas for more than five years, you learn to realize that sometimes the fish are biting and sometimes they stop,” Sharp said, citing the 2008 plummet of oil prices from more than $140 per barrel to less than $40. “You can have a supercharged run of activity and then anything can cause it to cycle off. “It’s always going to be cyclical,” he added. “There’s no doubt about it.” For more information, visit the website www.window.state.tx.us.

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