April Sales Tax Allocations Continued Growing Trend, but Only Slightly
Sales tax revenue continued is growing trend this month with $760 million distributed to local governments despite a continued decline in the oil and gas mining industries, reported Texas Comptroller Glenn Hegar.
The City of Lubbock grew by 8 percent to $6.4 million when compared to April 2014. The yearly growth is slightly lower at more than 5 percent with more than $27 million in allocations.
Midland’s allocation shrunk by more than 2 percent from $6.1 to $5.9 million from last year at this time, but the yearly total retained a 5 percent growth with a yearly allocation total of more than $28 million. Amarillo grew year-over-year by more than 5 percent with a $7.3 million allocation.
Within Lubbock County, New Deal continued its declining trend with year-over-year allocations dropping by 8 percent and yearly totals decreasing by more than 24 percent. Buffalo Springs saw a significant growth of 84 percent from April of last year and a 36 percent yearly total growth.
Hegar attributed the 61st consecutive month of sales tax revenue growth to retail, construction and other sectors despite the continued hits to the oil and gas mining industry.
“As we predicted in January, state revenues have grown at a moderate pace. April is the second consecutive month of relatively slow growth in sales tax revenue, and I remain cautiously optimistic about our economic progress,” said Hegar.