Page 48 - Hurst FY19 Approved Budget

DEMOGRAPHICS AND ECONOMICS

Hurst is considered a major retail-commercial center of the northeast Tarrant County
area. North East Mall and a number of quality shopping centers throughout the City
provide residents with a wide variety of goods and services from which to choose. A
major expansion of North East Mall and new development adjacent to the mall, Shops
at North East Mall, was completed approximately eleven years ago. The graph to the
right displays the impact of this major development/redevelopment effort. Sales tax
revenues grew at record pace until the Great Recession began in December 2007. The
City only budgets approximately 92% of estimated sales tax earnings so, sales tax losses
related to economic conditions are managed proactively. The mall, which is owned by
The Simon Group, is classified as a super-regional mall, with seven major retail anchors,
and provides substantial sales tax revenues and property tax revenues to the City. The
City collects 2% of sales and use receipts from businesses within the City. A total of
$21,345,247 was collected for fiscal year 2017-2018, a .10% increase over collections in
fiscal year 2012-2013.

RETAIL SALES

Millions of Dollars
21.69
21.40 21.35 21M
21.01

20M
19.98

19.42
19M

18M

17M
2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018

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