The City of New Braunfels has announced an overall increase of approximately $284,000 or 7.4% in sales taxes received in October (for the month of August) compared to the same month last year. When the various adjustments to the monthly payment are removed, net August sales tax collections increased by 0.1% or essentially flat. The variance is driven by a combination of prior period, future period, and positive audit collections included in the overall payment.
“With the release of the August figures, total sales tax collections have decreased by 1.4% in FY 2023 (October-August),” said Assistant City Manager Jared Werner. “With one month remaining in the fiscal year, sales tax revenues, while still reflecting an overall decrease, are projected to exceed budgeted expectations. When analyzing the industry detail for the month of August, food services, general services, and wholesale markets experienced the highest level of growth. Manufacturing and miscellaneous services experienced declines for the month. Retail services, which amounts to nearly 50% of all sales tax collections, grew by approximately 6% for the month of August.”