Page 50 - Haltom City FY 22 Budget

CITY OF HALTOM CITY ANNUAL BUDGET, FY2022 Budget overview

SALES TAX

The City imposes a local option sales tax of 2% on all retail sales, leases and rentals of most
goods, as well as taxable services. The sales tax allocations are: 1.375% for general purposes and
is recorded in the General Fund, 0.25% is for crime control and prevention and is recorded in the
Crime Control and Prevention District Fund, and the rest of the 0.375% is for street improvements
and is recorded in the Street Reconstruction Fund.

Outlook
Sales tax revenues for FY2022 were budgeted at around 10% increase in General Fund. Although
our City have seen about a 1% decrease over last year, we felt confident sales tax revenues will
increase due to Texas economy rebounded strongly from the deep but short recession caused by
the onset of COVID-19 pandemic.

Major Influence
Factors affecting sales tax revenues include population, retail sales, economy and consumer price
index.

Fiscal General Fund Economic Crime Control Street Total Percent of
Year Development District Reconstruction Change
2013 5,528,226 2,755,820 1,327,971 1,377,910 10,989,927 5.1%
2014 5,681,874 2,843,834 1,355,192 1,421,917 11,302,817 2.8%
2015 6,095,550 3,053,111 1,465,227 1,526,546 12,140,434 7.4%
2016 6,747,264 3,379,538 1,643,414 1,689,760 13,459,977 10.9%
2017 9,447,444 - 1,662,631 2,577,863 13,687,938 1.7%
2018 9,636,393 - 1,695,883 2,629,420 13,961,696 2.0%
2019 10,330,000 - 1,945,787 3,015,803 15,291,590 9.5%
2020 10,536,600 - 2,043,076 3,000,000 15,579,676 1.9%
2021 10,156,136 - 1,799,206 2,720,206 14,675,548 -5.8%
2022 11,481,000 - 1,869,374 2,747,258 16,097,632 9.7%

Sales Tax Revenues

16
$2.75
14 $3.02 $3.00 $2.72
12 $1.53 $1.69 $2.58 $2.63 $1.95 $2.04 $1.80 $1.87
10 $1.38 $1.42 $1.47 $1.64 $1.66 $1.70
$1.33 $1.36
8 $2.76 $2.84 $3.05 $3.38
MILLIONS 6 $9.45 $9.64 $10.33 $10.54 $10.16 $11.48

4
$5.53 $5.68 $6.10 $6.75
2
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

General Fund Economic Development Crime Control District Street Reconstruction