Page 51 - GrapevineFY24 Adopted Budget
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Current Economic Trends Impacting Long-Range Forecasting
Increased economic activity is evident based on rises in sales tax, hotel occupancy, and other
revenues as compared to previous years.
Following the 2008-2009 Great Recession, Grapevine experienced incremental growth in sales
tax collections culminating in early FY20. Then, due to business closures and travel restrictions
resulting from the COVID-19 pandemic, sales tax collections bottomed-out during the second
half of FY20. As the economy recovered in FY21, sales tax collections reached near pre-
pandemic levels to close out the fiscal year followed by record collections in FY22.
Within the last twelve months, General Fund sales tax collections increased by $2.8 million (8%)
over FY22. Similar or slightly reduced gains are expected in FY24.
Business and leisure travel
continue to sustain hotel
occupancy taxes at record
levels. Fiscal year 2023
estimates an increase of $1.2
million (6%) over FY22.
Collections are expected to
flatten in FY24.
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