The city collected $3.2 million in sales tax in May, a 10% increase from the $2.9 million collected at the same time last year, according to data from the Texas Comptroller’s Office. This represents a slight monthly increase from the $3.1 million collected in April. This brings year-to-date collections to $24.5 million, which outpaces last year’s year-to-date collections by nearly 8%.
Richardson fared better than neighboring cities. Plano had a 17% annual decrease in May, while Dallas was down by 12%.
Despite the gain, city officials said the long-term impact of the coronavirus on certain industries, such as hospitality and entertainment, could still cause an overall loss in annual sales tax revenue.
“There are still several soft sectors in the statewide economy that can eventually impact our community, so we feel the most responsible thing to do right now is to continue to follow a conservative approach regarding our budget as we wait to see what happens later this year,” Assistant City Manager Shanna Sims-Bradish said in an email.
