Local News
City gets mixed signals on sales tax
The City of Commerce received some mixed economic signals Wednesday.
While the city’s share of sales tax rebate revenue it received for the month of December declined sharply, the collections for the end of the fiscal year show a significant increase.
The Texas Comptroller’s office released the December monthly sales and use tax report Wednesday.
The December sales tax rebate payments represent the city's portion of sales taxes collected at local merchants in October and reported to the Comptroller's office in November. The report was the last to be issued for the 2008/2009 fiscal year.
The Comptroller’s office tracks 12-month sales totals between Nov. 1 and October 31 annually, while cities track the sales between Oct. 1 and September 31.
The city will receive a sales tax payment of $$82,092.25 for the month of December, representing a decrease of 7.6 percent from the $88,845.99 received in December 2008. During the past 12 months, the City of Commerce received a little more than $1.14 million in sales tax rebate revenue, representing an increase of 2.41 percent from the $1.11 million in sales tax rebate revenue collected through the end of the 2007/2008 fiscal year.
Sales taxes are one of the two main sources of revenue, along with property taxes, which feed the city's general fund.
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