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Collections of sales tax revenue in Greenville are slightly lower than this time a year ago, according to the state comptroller's office.
Greenville was expected to receive a sales tax payment of $577,400 this month, down 2.58 percent from what was received in April 2019. Greenville has taken in more than $2.57 million in sales tax rebate revenue this fiscal year. This is a 6.65 percent increase from what was received through April 2019.
Sales tax and property tax are the city's main sources of revenue and what fuel the general fund. A percentage of the sales tax revenue goes toward the 4A economic development corporation.
State Comptroller Glenn Hegar said that growth came from the retail trade sector while oil and gas revenues declined. Most businesses were still operating at normal capacity through February, so March's social distancing requirements shouldn't be reflected in the sales tax collection based on February sales.
Last October, the sales tax revenue in fiscal year 2020 was expected to increase by 4.8 percent.
“We expect that future sales tax revenue will be drastically affected because much of the economy has been shut down to combat the coronavirus pandemic and because of the negative impact of a global oil price war,” Hegar told the Herald-Banner.
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