The City of New Braunfels has announced an overall decrease of approximately $233,000 or 5.8% in sales taxes received in July (for the month of May) compared to the same month last year. When the various adjustments to the monthly payment are removed, net May sales tax collections increased by 8.4%. The large variance is driven entirely by a large positive audit adjustment that was included in the 2022 May payment.
“With the release of the May figures, total sales tax collections have decreased by 4.4% in FY 2023 (October-May). The overall May collections were impacted by a positive audit adjustment received in 2022. The net growth of approximately 8.4% is a welcoming sign as the city transitions into the tourist season, which typically results in some of the largest monthly collections for the fiscal year,” said Assistant City Manager Jared Werner. “For the month of May, industries such as retail, food, general services, and wholesale experienced double-digit increases. With eight months of the fiscal year accounted for, sales tax revenues are still projected to meet or exceed the figures incorporated into the FY 2023 Adopted Budget.”
