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October 11, 2012

City sees big gains in sales tax rebate revenue

GREENVILLE — It was apparently a hot summer for local merchants.

The City of Greenville is reporting a substantial increase in sales tax rebate revenue during August, when compared to the figures from August 2011.

The city has also seen a significant boost in terms of sales tax revenue for the fiscal year so far.

The Texas Comptroller’s office announced Wednesday the City of Greenville would receive $472,326.10 in sales tax rebate revenue this month, representing an increase of 11.5 percent from the $423,601.35 collected in October of last year and also well above the $453,882.78, the city received in October 2010. The city received $456,051.93 in October 2009 and $416,827.71 in October 2008.

The record sales tax rebate revenue for the month came in during October 2002, when Greenville received more than $490,000.

The figures represent sales taxes collected at Greenville retailers in August and reported to the Comptroller’s office in September.

So far this fiscal year, the city has taken in more than $4.81 million in sales tax rebate revenue, representing an increase of 5.62 percent from the $4.56 million collected through August 2011 and also above the $4.79 million collected through October 2010. The city had received $4.6 million through October 2009.

Sales taxes are one of two main sources of revenue which feed the city’s general fund, with the other being property taxes.

A portion of the sales tax revenue collected by the City of Greenville is rededicated toward the 4A economic development corporation.

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