Unlike certain politicians, we’re not ready to proclaim that the economic slump is in the rearview mirror and happy times are here again, but recent sales tax reports are certainly encouraging.
Officials have announced that sales tax collections for the city of Denton are up more than 13 percent, or $1.9 million, for the fiscal year, compared with the same period last year.
From May sales, the city collected $2,048,301, about 19 percent more than its budget projection, records show.
That’s great news, and a quick scan of a chart published Friday shows that it’s no fluke. Sales tax collections have exceeded city budget projections for the last several months.
Bryan Langley, the city’s finance director, told us that sales tax collections have increased citywide, and that proceeds from some recent additions to the city’s tax base have been particularly strong. Projects such as Denton Crossing, Unicorn Lake and the Rayzor Ranch area have brought in a combined $432,414 in sales taxes this year, according to the data.
It’s obvious that the city has benefited from recent growth in business construction, and the increase in sales tax revenue also bodes well for business owners.
An increase in monthly sales tax receipts doesn’t mean that all local businesses are thriving, but a consistent rise in sales tax checks — especially when the totals exceed the city’s projections — does indicate that the local economy has a strong pulse.
We find the news especially heartening, considering that we are about to enter the annual back-to-school shopping period, which is a prelude to fall, when the thoughts of many shoppers start to turn to holiday gift-giving.
The good news concerning sales tax receipts is not confined to the city of Denton. According to the most recent report from Texas Comptroller Susan Combs, Denton County has received $58.7 million in sales tax from January to June — 15.55 percent more than the same period in 2011.
The economy is a team effort, and we all have to do our part to make sure the recent upward trend continues. The best way to do that is to shop at home — patronize local businesses whenever possible.
We can also continue to encourage and support events and activities that keep the tourism dollars flowing in our direction.
Judging from these recent sales tax reports, our team is on a winning streak. Let’s keep up the good work.