The City of Kyle is no stranger to growth, but the city’s growth in its Sales and Use Tax revenue continues to beat even the most aggressive estimates.
The Sales and Use Tax receipts received by the City in July, which represent sales made in the city in May, were 41.57% higher than the receipts received in July of 2014, setting a record for percentage growth. The sales tax funds received in July, 2015, came in at $446,136, $131,008 higher than the $315,129 received in July, 2014.
The July receipts brings the City’s fiscal year total from October, 2014, to July, 2015, to $4,523,924, compared to $3,740,500 received by this time in 2014. The increase of $783,425 represents a 21% increase from 2014. By comparison, the total amount of sales tax received by the City in 2003 was $733,007, approximately $50,000 less than this year’s increase so far.
“These numbers show that what we are doing here in Kyle is working,” said Kyle Mayor Todd Webster. “Not only are we creating new services and businesses that generate the sales that drive the sales tax, but we are also generating opportunities to bring in the kind of jobs that support our residents being able to patronize the new businesses.”
The City of Kyle has seen 22 new businesses open since January, with many more on the way.
“The citizens of Kyle have shown over and over again that they enthusiastically support Kyle businesses,” said Webster. “If you’re a business owner, and you’re looking for a place to bring your business, you would be doing yourself a disservice if you didn’t give Kyle a long look. New businesses here have an excellent track record and our city staff are eager to work with you.”