Texas Comptroller Glenn Hegar released the state sales tax revenue which totaled $3.94 billion in June, 0.4 percent more than in June 2023. The majority of June sales tax revenue is based on sales made in May and remitted to the agency in June.
For the City of Brownfield gained 9.19% from last year this time bringing in $142,439.33 from $130,442.16. Brownfield is also up for year-to-date by 13.93% from $806,118.38 to $918,422.12. Terry County lost 1.20% bringing in $62,686.64 from $63,451.98 this time last year. Although, the county brought in less for the month of June 2024, it’s year-to-date comparison is up 6.77% having brought in $399,290.13 from $373,963.21.
For the small cities in Terry County, the City of Meadow brought in $3,299.86 which is a 120.16% increase from this time last year which was $1,498.84. Meadow has taken in $13,100.65 for year-to-date compared to it’s year-to-date from last year this time with $10,811.20, which is a 21.17% increase. For the City of Wellman, it gained a 105.32% in sales tax revenue from last year at this time bringing in $1,240.10 form $603.97. Wellman’s year-to-date revenue also increased significantly by 256.93% from $3,895.33 to $13,903.79.
According to Hegar, monthly state sales tax collections were essentially flat compared to collections in June 2023, following the strong gains seen in May. Hegar said. “The overall trends we have seen through the first three quarters of fiscal 2024 were evident again in June. Sales tax remittances from the major sectors driven primarily by business spending were generally down, except for modest growth in receipts from the construction sector.
Hegar also added that receipts from consumer spending-driven sectors were up slightly overall compared with a year ago, with growth in receipts from both retail trade and the services sectors. Within the retail trade sector, remittances from general merchandise stores led the way.
Total sales tax revenue for the three months ending in June 2024 was up 0.5 percent compared with the same period a year ago. Sales tax is the largest source of state funding for the state budget, accounting for 57 percent of all tax collections.
Texas collected the following revenue from other major taxes:
- motor vehicle sales and rental taxes — $560 million, down 6 percent from June 2023;
- motor fuel taxes — $340 million, up 5 percent from June 2023;
- oil production tax — $493 million, up 8 percent from June 2023;
- natural gas production tax — $171 million, down 7 percent from June 2023;
- hotel occupancy tax — $71 million, up less than 1 percent from June 2023; and
- alcoholic beverage taxes — $160 million, up 2 percent from June 2023.
