The City of New Braunfels has announced an overall decrease of approximately $33,000 or 0.8% in sales taxes received in August (for the month of June) compared to the same month last year...
The City of New Braunfels has announced an overall decrease of approximately $33,000 or 0.8% in sales taxes received in August (for the month of June) compared to the same month last year. When the various adjustments to the monthly payment are removed, net June sales tax collections were essentially flat – down 0.1%.
“With the release of the June figures, total sales taxes collections in FY 2022 have increased by 11.2% through the first nine months of the fiscal year,” said Assistant City Manager Jared Werner. “The June collections are certainly higher than anticipated given the continued impact of sales tax losses from HD Supply. When looking at some of the industry-specific performance for the June collections, general services, professional services, and miscellaneous services were the three categories that experienced the highest level(s) of growth. Conversely, wholesale markets and manufacturing were the categories that declined for the June collections. While retail sales overall did grow in the month of June, certain retail segments have begun to show signs of a slowdown, likely a result of a shifting of priorities in consumer spending.”