Well, I finally found the sales tax receipt number for October…and it ain’t real pretty.
[Payments to cities – see row 585]
Receipts grew only 3.44% compared to October 2021 – $251,000 versus $243,000 a year earlier.
Considering inflation is currently raging at anywhere between 8% and 12% (depending on who you believe) and that the state of Texas as a whole saw sales tax revenue increase almost 12% year-over-year, it is clear our City is now lagging badly.
If the price of everything went UP 10% in the last year, but your sales tax receipts (which are not adjusted for inflation) only went up 3.4% – then you are actually seeing a decline in sales.
All those millions borrowed by the City and the LEDC for their business park and other dubious projects? Don’t sweat that. According to Mayor Monroe:
“Typically, we are able to pay those down within the nine years and have saved a substantial amount of money”
I’m sure it’ll all work out. And if it doesn’t? Well, there are plenty of taxpayer cows to be milked harder if need be.