The City of New Braunfels has announced an overall decrease of approximately $72,863 or 1.9% in sales taxes received in October (for the month of August) compared to the same month last year..
The City of New Braunfels has announced an overall decrease of approximately $72,863 or 1.9% in sales taxes received in October (for the month of August) compared to the same month last year. When the various adjustments to the monthly payment are removed, net August sales tax collections were down 2.1%.
“With the release of the August figures, total sales taxes collections in FY 2022 have increased by 7.9% through eleven months of the fiscal year,” said Assistant City Manager Jared Werner. “The August collections continued a trend of being higher than anticipated given the continued impact of sales tax losses from HD Supply. When looking at some of the industry specific performance for the August collections, General Services, Retail Services, Professional Services, and Manufacturing Services were the categories that experienced the highest level of growth. Conversely, Wholesale Markets and Miscellaneous were the categories that declined for the August collections. The August collections showed continued growth in various sectors that are continuing to mitigate a portion of the expected loss in the wholesale markets industry. The next monthly collection will be the last month for FY 2022.”