The City of New Braunfels has announced an overall decrease of approximately $221,000 or 6.1% in sales taxes received in June (for the month of April), compared to the same month last year...
The City of New Braunfels has announced an overall decrease of approximately $221,000 or 6.1% in sales taxes received in June (for the month of April), compared to the same month last year. When the various adjustments to the monthly payment are removed, net April sales tax collections decreased by approximately 6.3%.
“With the release of the April figures, total sales taxes collections in FY 2022 have increased by 12.0% through the first seven months of the fiscal year,” said Assistant City Manager Jared Werner. “The April collections are the third month that have been impacted by the loss of sales taxes from HD Supply. As a reminder, the loss of sales taxes from HD Supply is driven entirely by a change in business model by the company that results in a different approach to the sourcing of local sales taxes. Although there was a decrease in collections, the April totals were not as negatively impacted as were initially projected. There are a number of economic factors that continue to impact our sales tax collections such as inflation, supply chain delays, as well as continued pent-up demand for various services and commodities. The April data suggests that those factors are helping to mitigate a portion of the projected loss of sales tax revenue from HD Supply.”
It should be noted that at the time of this release, industry specific data for the month of April had not yet been made available.