Page 104 - Hurst Budget FY21

MILLIONS OF DOLLARS SALES TAX REVENUES

12

11
0.6 0.8
10 0.6 0.8 0.9 0.9
9 0.7 0.7 0.7 0.7 0.65
8 1.0
7

6
5 9.03 9.49 10.16 10.02 9.72 10.61 10.55
8.84 9.01 9.25
4 9.3
3

2
1
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Actual Estimate Projected
City Sales Tax Economic Development Payment Sales Tax Reserve FISCAL YEARS

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
confidence. In fiscal year 2020-2021, sales tax is projected at approximately $9.3 million. The
2021 total has a fluctuation factor of approximately ($1,000,000) or approximately 10% of
estimated collections included. This allowance has and will continue to help offset any
decreases in sales tax collection caused by economic conditions. In the current fiscal year, the
City recorded monthly sales tax increases for five of ten months year-to-date, ranging from 0.2%
to 12%. Five months have resulted in a decline when compared to the prior year ranging from
(10.6%) to (27.6%). Overall, year-to-date sales tax have decreased by (12.35%) from the prior
year.

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