New Braunfels, TX – The City of New Braunfels has announced an overall increase of approximately $53,000 or 1.9% in sales taxes received in May (for the month of March 2020) compared to March of 2019.
"With the release of the March figures, we are able to report that gross sales tax collections for the first six months of the fiscal year 2019-20 have increased by 5.3%,” said Jared Werner, Chief Financial Officer.
“Fortunately, sales taxes have been trending higher than our projections for FY 2019-20 (Oct-Feb). March is the first month where we have been anticipating impacts from COVID-19,” Werner continued. “We do not have the detailed sales tax data for March at this point, so we are unable to identify fluctuations across specific sectors of our local economy. However, we feel that the April and May sales tax collections will start to paint a much clearer picture as to how COVID-19 has affected the New Braunfels economy. Therefore, we will continue to model very conservative projections for sales tax collections for the remainder of this fiscal year."