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City’s sales tax revenue up over this time last year
Thursday, May 13, 2010 by Josh Rosenblatt
Things may be looking up for the Austin economy, if sales tax revenue is any indication.
According to the city’s Chief Financial Officer, Leslie Browder, taxable sales from the month of March are up 12.2 percent compared to March last year. The city received $14.1 million this month compared to $12.6 million in May 2009.
“We also experienced a 9.2 percent decline at this time last year,” Browder said, “which accounts for some of the growth that we are seeing this month on a relative percentage basis. Absent these adjustments, our sales tax revenue would have been up 9.3 percent this month.”
On a cumulative basis for the first six months of 2010, collections are up 3.2 percent compared to the same six months last year.
Austin fared well against other major Texas cities. San Antonio is up 6.3 percent, Dallas is up 4.2 percent, and Houston is up 3.8 percent. Of the top 20 Texas cities, three saw declining sales tax revenue this month while five saw double digit increases. San Marcos, for example, experienced a jump of 18.9 percent.
Sales tax collection revenue was also up for Capital Metro, 10.6 percent for the month. This is a welcome sign for the transit agency, which was accused just last month of financial mismanagement by the Texas Sunset Advisory Commission.
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