On Thursday, August 1. 2024, Texas Comptroller Glenn Hegar released the state sales tax revenue information. According to Hegar, the revenue totaled $3.99 billion in July 2024, which is 0.1% more than in July 2023. The majority of July sales tax revenue is based on sales made in June and remitted to the agency in July.
For the City of Brownfield, the sales tax revenue brought is for the month of July was up compared to July 2023 by 13.66% from $125,096.90 to $142,190.28. The year-to-date revenue continues to rise with a 13.89% increase from $931,215.28 to $1,060,612.40. Terry County also increased its sales tax revenue. It brought in $62,004.14 which is a 7.15% increase from $57,864.05 this time last year. Terry County’s year-to-date is also up by 6.82% from $431,827.26 to $461,294.27.
Both the Cities of Meadow and Wellman are down from this time last year. Meadow had a decrease of 8.51% in revenue bringing in $1,720.77 compared to $1,880.89 a year ago. Wellman took in $654.75, a 1.42% decrease from $664.23 a year ago. Although both cities decreased in revenue from this time last year, both are ahead in year-to-date revenue. Meadow is ahead by 16.77% from $12,692.09 to $14,821.42. Wellman is ahead in year-to-date by 219.29% from $4,559.56 to $14,558.54.
According to Brownfield Mayor Eric Horton, he felt there might be a decrease in this current report. Horton said, “I was somewhat surprised this revenue report increased, although I’m very glad it did. However, with the fire and floods that have hit Ruidoso and Ruidoso Downs, it has cause less traffic through town, and less traffic means less travelers stopping and buying.” Horton went on to say, “We will look at the August report at the beginning of September and see if there has been any affect on us.”
Hegar went on to say, “Monthly state sales tax collections were slightly positive compared with the same month a year ago for the second month in a row,” However, according to Hegar said, this might be another sign of the economy slowing. “This continues a trend this year of growth at less than the rate of inflation, indicating slowing spending by both businesses and consumers on an inflation-adjusted basis.” said Hegar.
Sales tax remittances from the sectors driven primarily by business spending were mixed, with receipts from the manufacturing and construction sectors coming in greater than their year-ago totals and receipts from the mining and wholesale trade sectors coming in significantly lower than a year ago.
Receipts from consumer spending-driven sectors were generally flat, with remittances from the retail trade sector being slightly down and receipts from the service sector being slightly up compared to their July 2023 totals.
Also Hegar reported that receipts from restaurants were up, but at less than the rate for inflation for food away from home in June.
Total sales tax revenue for the three months ending in July 2024 was up 1.7 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 — $599 million, down 4 percent from July 2023;
- motor fuel taxes — $319 million, down 3 percent from July 2023;
- oil production tax — $557 million, up 27 percent from July 2023;
- natural gas production tax — $164 million, up 152 percent from July 2023;
- hotel occupancy tax — $75 million, up 5 percent from July 2023; and
- alcoholic beverage taxes — $150 million, up 1 percent from July 2023.
