Commerce merchants provided the city with an early Christmas present, reporting a huge boost in sales tax rebate revenues to end the current fiscal year, according to a report released by the Texas Comptroller’s office.
The office released the December monthly sales and use tax report Wednesday, which represents the city’s portion of sales taxes collected at local businesses in October and which were reported to the Comptroller’s office in November. The report was the last to be issued for the 2018/2019 fiscal year.
The city of Commerce was to receive a sales tax payment this month of $141,471.76, representing a 16.72 percent increase from the $121,197.56 received in December, 2018.
For the fiscal year, the city of Commerce received just under $1.64 million, which represents a 5.28 percent increase from $1.55 million collected through the same point one year ago.
Sales taxes are one of the two main sources of revenue, along with property taxes, which feed the city’s general fund.
The Comptroller’s office tracks 12-month sales totals between Nov. 1 and Oct. 31 annually, while cities track the sales between Oct. 1 and Sept. 31.