Page 118 - Hurst FY20 Approved Budget

SALES TAX REVENUE
MILLIONS OF DOLLARS SALES TAX REVENUES
Millions of Dollars
12 0.8
0.6
11 0.6 0.8 0.8 0.8 0.8 0.9 0.9 0.8 0.8
0.8
10 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.8 1
0.7 0.7 1.2
9
8
7

6 10.76 10.82 10.52 10.61 10.54
5 9.13 9.54 9.73 9.71 10.09 9.6
4
3

2 9.13 9.54 9.73 9.71 10.09 10.76 10.82 10.52 10.61 10.54 8.5
1
2014
2019
2015
2010 2010 2011 2012 2013 2013 2014 2015 2016 2017 2017 2018 2018 2020 2020
2012
2011
2019
2016
Actual Est. Proj.
Actual Estimate Projected
City Sales Tax Economic Development Payment
City Sales Tax Economic Development Payment Sales Tax Reserve FISCAL YEARS
Sales Tax Reserve

Sales Tax Revenues are the most difficult to project for the operating budget because the
Sales Tax Revenues are the most difficult to project for the operating budget because the
increases in revenue sources are dependent upon area economic conditions and consumer
increases in revenue sources are dependent upon area economic conditions and consumer
confidence. In fiscal year 2019-2020, sales tax is projected at approximately $10.5 million.
confidence. In fiscal year 2019-2020, sales tax is projected at $10.5 million. The 2019 total has
The 2019 total has a fluctuation factor of approximately ($1,200,000) or approximately 10% of
a fluctuation factor of approximately ($1,000,000) or approximately 10% of estimated collections
estimated collections included. This allowance has and will continue to help offset any
included. This allowance has and will continue to help offset any decreases in sales tax
decreases in sales tax collection caused by economic conditions. In the current fiscal year,
collection caused by economic conditions. In the current fiscal year, the City recorded monthly
the City recorded monthly sales tax increases for three of ten months year-to-date, ranging
sales tax increases for three of ten months year-to-date, ranging from 1.1% to 5.1%. Six months
from 1.1% to 5.1%. Six months have resulted in a decline when compared to the prior year
have resulted in a decline when compared to the prior year ranging from (0.10%) to (7.1%).
ranging from (0.10%) to (7.1%). Overall, year-to-date sales tax have decreased by
Overall, year-to-date sales tax have decreased by 1.7% from the prior year. Sales Tax revenues
(1.7%) from the prior year. Sales Tax revenues grew over the past several years due to
grew over the past several years due to redevelopment efforts in the North East Mall Area.
redevelopment efforts in the North East Mall Area.
However, revenues began decreasing in 2008 due to an economic recession.

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