Page 50 - HaltomCityFY25Budget

City Of Haltom City Annual Budget, FY2025 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
The budget for FY2025 projected a decrease of approximately 2% in sales tax revenues over the previous
year. Despite maintaining a conservative budgeting approach, our City is experiencing increases in sales
tax due to a robust local economy and the emergence of new economic development. In anticipation
continued growth, the city has budgeted a continued rise in sales tax revenue as the occupancy of a two
large warehouse facilities reaches full capacity and a third facility is completed. The also recently announced
the new construction for HMart consisting of a new grocery store and 50 restaurants.

Major Influence
Factors affecting sales tax revenues include population, new economic growth, retail sales, strong local
economy, and consumer price index.

Fiscal Crime Control Street Percent of
Year General Fund District Reconstruction Total Change

2016 6,747,264 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 1,824,374 2,747,258 16,052,632 9.4%

2023 12,794,100 2,411,158 2,967,039 18,172,297 13.2%

2024 14,282,000 2,619,781 3,500,000 20,401,781 12.3%

2025 14,079,000 2,700,000 3,300,000 20,079,000 -1.6%

Sales Tax Revenues
20
$3.50 $3.30
$2.97
15 $2.75 $2.62 $2.70
$3.02 $3.00 $2.72 $2.41
$2.58 $2.63 $1.95 $2.04 $1.80 $1.82
$1.70
$1.66
$1.69
MILLIONS 10 $1.64 $14.28 $14.08
5 $9.45 $9.64 $10.33 $10.54 $10.16 $11.48 $12.79
$6.75
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund Crime Control District Street Reconstruction