The City of New Braunfels has announced an overall increase of approximately $513,000 or 18.2% in sales taxes received in July (for the month of May) compared to the same month last year.
When the various adjustments to the monthly payment are removed, net May sales tax collections increased by approximately 19.1%.
“With the release of the May figures, sales taxes through the first eight months of the fiscal year (October-May) are up 16.6%,” said Chief Financial Officer Jared Werner. “The figures for May suggest that the factors driving the extremely high levels of growth experienced in March and April were transitory to a certain extent. When looking at the May data, industries such as full-service restaurants, motor vehicle and part sales, and general services experienced the highest level of growth. Generally, the data for May aligns to state and national trends in elevated demands and Consumer Price Index pressures for certain commodities and services. Given the recent trends in sales tax activity, staff looks forward to evaluating the June and July activity, as they typically represent the two largest monthly collections throughout the year.”