Van Horn realizes 20% increase in sales tax revenue over 2014

Texas Comptroller Glenn Hegar will send cities, counties, transit systems and special purpose taxing districts their August local sales tax allocations totaling $760.2 million, which represents an increase of 7.6 percent compared to August 2014.

Hegar also said today that state sales tax revenue in July was $2.4 billion, up 2.7 percent compared to July 2014.

“July’s modest growth in sales tax revenue is in line with the biennial revenue estimate issued in January,” Hegar said. “Stronger growth in receipts from consumer driven sectors, including retail trade, restaurants and services offset declining receipts from oil and gas-related sectors.”

Only Pecos in the chart below had a negative increase in sales tax revenue. The price of crude has dropped more than 50 percent. 

On Tuesday, the price for West Texas Intermediate (WTI), the benchmark used by the exchanges, was $42.41 per barrel. Only a few years ago, the price reached $120 per barrel.