May 2023 sales tax payments break all previous records
In the month of April, Assistant City Manager Lawrence Bryant ended his monthly sales tax update with a question. “Will next month’s payment be the first to surpass $400,000?” The answer was yes. For the second time this year, Azle’s sales tax payments broke all-time records for the city. While some businesses report their sales tax numbers monthly, others do so quarterly. First in February, then in May, these quarterly numbers were added to the rest of the sales tax payments for the month.
Both of these months managed to break all previously held records, February’s sales tax payment being $393,335.55 and May’s at $400,981.49.
What this means is that Azle businesses are making more sales than ever while businesses continue to move here and our population grows.
“We are very fortunate that so many businesses have taken an interest in the city,” Bryant said. “The continued growth of Azle’s business community is a testament of the work that the current and previous City Councils have done to make Azle an attractive place to do business and call home.”
May 2023s numbers represent a 14.53 percent increase in the amount of money collected in May 2022, or $50,880.33. From the $400,981 collected, $320,785.19 will go the city’s general fund and $80,196.30 is earmarked for street maintenance.
Several new businesses have opened in just the past few years in Azle, including Burger King, QuikTrip, Starbucks, and Discount Tire, with more businesses currently under construction.
“More businesses in Azle means our residents can stay closer to home to purchase the goods and services they want/need,” Bryant said. “Because of the financial hardships that many have experienced due to the waning pandemic and now record inflation I believe people are spending more of their money on essential items and less on non-essential items. I would say much of the shopping available in Azle falls into the essential items category.”
While these numbers certainly reflect the daily growth, we see in the City of Azle, inflation does also play a role in increasing the prices of goods and services subject to sales tax and the collected sales tax payments themselves.
In recent months, retail sales have fallen nationally, and many cities have seen a decrease in collected sales tax payments as a result. Azle has seemingly bucked this trend and is on a great track for long-term economic growth. The May 2003 sales tax payment was only $95,007.03. In the last 20 years, sales tax payments have more than quadrupled for Azle.
“In 2003, the year I started working here as a full-time employee, the city’s general sales tax payments for the entire year totaled $953,199.56,” Bryant said. “Twenty years later, that amount was eclipsed by almost $40,000 in the first three months of the year and the city is currently on a pace to collect over $4,000,000 (of which 20% is street maintenance revenue) in 2023. What a difference twenty years makes.”
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