The City of New Braunfels has announced an overall decrease of approximately $429,766 or 10.6% in sales taxes received in November (for the month of September) compared to the same month last year...
The City of New Braunfels has announced an overall decrease of approximately $429,766 or 10.6% in sales taxes received in November (for the month of September) compared to the same month last year. When the various adjustments to the monthly payment are removed, net September sales tax collections were down 6.1%.
“With the release of the September figures, total sales taxes collections increased by 6.1% in FY 2022 (for the full fiscal year),” said Assistant City Manager Jared Werner. “The September collections were somewhat impacted by a future period payment made last fiscal year. This is why there is a larger than usual percentage variance between total and current collections. When looking at some of the industry specific performance for the September collections, Professional Services, Miscellaneous Services, and Manufacturing were the sectors that experienced the highest level(s) of growth. The positive growth trend in those industries for the month of September helped to mitigate declines in other industries such as Wholesale Markets, Retail Services, and General Services. As mentioned in previous sales tax releases, growth in other industries have continued to offset a portion of anticipated losses within the wholesale market category.”