Sales tax receipts in Kyle rose 41.57 percent, from $315,129 in July 2014 to $446,136 in July 2015—which set a record for sales tax growth between two months, year-over-year, according to a city of Kyle news release.
July sales and use tax collections comprise sales made in the city in May.
The city has reported a sales tax collection thus far in fiscal year 2014-15 of $4.52 million. That is a 20.94 percent increase from 2013-14’s reported collections through July, according to the city.
“These numbers show that what we are doing here in Kyle is working,” Mayor Todd Webster said in the news release. “Not only are we creating new services and businesses that generate the sales that drive the sales tax, but we are also generating opportunities to bring in the kind of jobs that support our residents being able to patronize the new businesses.”
In the fiscal year 2014-15 budget the city projected its sales tax revenue to be $5,125,800. The city is at 88.26 percent of that estimate with two months remaining in the fiscal year.
“The city has been experiencing a moderate growth in sales tax revenue over the last 12 months as compared to other cities,” the budget states. “We are confidently optimistic that as additional businesses locate their operations in our community, the moderate growth trend will continue into next year.”
The sales tax revenue boost comes in a year in which the city has reported 22 new businesses have opened in Kyle, among them Wal-Mart. Prior to its arrival, city officials said they expected the store to have a significant impact on Kyle’s sales tax revenue.