City sees sales tax revenue increase again | Local News
After a month-long decline, the City of Greenville is again seeing a sizable gain in sales tax refund revenue.
Sales tax revenue increases this month are being seen across Texas, according to state comptroller Glenn Hegar.
“Strong double-digit growth was again seen in sectors driven primarily by business spending, with oil and gas mining revenues continuing to show particularly robust growth compared to a year ago,” he said. said Hegar. “Revenues from the construction and wholesale trade sectors also continue to show strong growth.”
Greenville received $903,140 in sales tax refund revenue this month, an increase of 5.48% from the $881,781 received in June 2021. For the year to date, Greenville reported $5.77 million, or 17.66% more than the $4.9 million received through June 2021. .
The June sales tax rebate represents the city’s share of sales taxes collected from local merchants in April and reported to the comptroller’s office in May.
“Revenues from the services sector posted another substantial gain compared to the same month last year,” Hegar said. “Spending at sporting events and concerts was particularly strong last month as consumers continue to spend more on live entertainment after being restricted during the pandemic. Restaurant revenue also increased compared to May 2021.”
Sales taxes are one of the two main sources of revenue, along with property taxes, which contribute to the City’s general fund.