There was a lot of shopping at local merchants during November as the city of Greenville enjoyed a surge in sales tax rebate revenue to start the fiscal year, based on a report issued by the Texas Comptroller’s Office.
The final numbers for the 2019 holiday season won’t be in until next month, but the city recorded a significant jump in the amount of sales tax revenue it collected this month, setting a new record for January.
The report indicated the city would receive a sales tax payment of $712,639.04, representing an increase of 11.32 percent from the $640,160.38 collected during January 2019,
The January sales tax rebate payment represents the city's portion of sales taxes collected at local merchants in November and reported to the Comptroller's office in December.
The report also represents the start of the 2019/2020 fiscal year. The Comptroller’s office tracks 12-month sales totals between November 1 and October 31 annually, while cities track the sales between October 1 and September 31.
The full results of the holiday shopping season will be known when the next sales tax report is released in February.
Sales taxes are one of the two main sources of revenue, along with property taxes, which feed the city's general fund. A portion of sales tax revenue is also rededicated toward the 4A economic development corporation.