DALLAS - Despite falling oil prices, Texas reported the third highest sales tax totals on record for January, according to figures from Texas Comptroller Glenn Hegar.
Revenues soared 11.2% compared to the same month last year to $2.56 billion, just behind the $2.66 billion reported in November and the $2.57 billion in August. On a percentage basis, the increase was the highest since a 12.9% surge in October.
The figures reported Feb. 11 represent taxes collected in December 2014 and tabulated in January. For calendar year 2014, totals came to $28.05 billion, a 7.2% increase over the $26.16 billion reported in 2013.
"This allocation marks the 58th consecutive month of year-over-year growth and is indicative of a dynamic and diverse economy that continues to generate business investment and spending in Texas," Hegar said.
"My office will continue to carefully monitor the impact that lower oil prices will have on our state's economy, but these sales tax allocation numbers are an encouraging sign of continued strength," he said.
Hegar will send cities, counties, transit systems and special purpose taxing districts their February local sales tax allocations totaling $873.1 million, up 8.9 percent compared to February 2014.
Speaking at The Bond Buyer's Texas Public Finance Conference on Jan. 11, Hegar said he was "confident Texas will continue to grow."
Hegar also said he is seeking more money from the 2015 Legislature to provide raises for the agency's auditors. Hegar told The Bond Buyer that he considers the current 15% turnover rate high and that most left state employment for higher pay in the private sector.
