City of Amarillo reporting continued sales tax revenue increases
AMARILLO, Texas (KVII) —
The City of Amarillo is reporting sales tax increases for six consecutive months compared to last year.
According to the latest reports, sales tax collections have increased 4.53 percent in the month of June with an overall increase of 2.22 percent for the 2017-2018 fiscal year as compared to this same time last year. This translates to about $922,000 in revenue generated towards the City's General Fund.
“Recent tax cuts, reductions in regulations and an increase in local shopping are really paying off for our local economy,” says Councilwoman Elaine Hays. “We don’t expect shoppers to make 100% of their purchases locally, but even small incremental redirection of spending from online to local spending makes a huge difference. A six-month upward trend in sales tax collections is very exciting.”
As of now, the City has collected sales tax receipts totaling about 76 percent of the budgeted $55,563,044 for 2017-2018 with the months of July, August and September yet to be accounted for. Collections to date reflect sales receipts ending in April 2018.
Sales tax revenue is the largest source of funding for the City, accounting for about 32 percent of the City's General Fund revenues. The City's General Fund provides for the City departments including Police, Fire, Street, Parks & Recreation, Library, Public Health, Animal Management & Welfare and Building Safety.