Wood County retail sales remained strong in March

Posted 5/14/20

The anticipated drop in sales tax revenue for Wood County and its cities did not hit as harshly as anticipated, with business activity in March slowing due to restrictions brought on by the coronavirus pandemic.

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Wood County retail sales remained strong in March

Posted

The anticipated drop in sales tax revenue for Wood County and its cities did not hit as harshly as anticipated, with business activity in March slowing due to restrictions brought on by the coronavirus pandemic.

The May report from the state comptroller’s office shows overall sales tax collections for the county and the six cities that collect sales tax ahead of May 2019 by $70,000.

Only Alba and Mineola saw lower collections for the month, but both remained ahead for the year.

The next report in June will be for April retail sales, when many businesses closed or scaled back.

Alba, Hawkins, Mineola, Quitman, Winnsboro and Yantis collect a 1.5% sales tax on top of the state’s 6.25% sales tax, and Wood County collects 0.5% for a total 8.25% – the maximum allowed.

Combined, the six cities received $451,792 in May 2020 compared to $426,494 in May 2019. The county received $207,405 compared to $171,002 a year ago.

The May report is primarily for sales taxes collected by retailers in March and reported to the state in April. Cities and the county receive a monthly rebate from the state for their shares.

The May report also includes those smaller retailers who file sales tax reports quarterly.

For the first five months of 2020, the six cities have received $2,105,526 compared to $1,911,917 at this time last year.

The county’s share was $936,907 compared to $830,354 in 2019 for a 12.83% gain.

Combined the six cities and the county have booked $3,042,423 in sales tax income this year compared to $2,742,217 last year, a gain of $300,000.

Mineola’s May receipts of $203,954 were down 3.57% from May 2019 when $211,521 was received. But that still left the city almost six percent ahead of last year with income of $980,622 compared to $917,643 through May 2019.

Quitman saw a 17.6% gain in its May rebate, with income of $72,283 compared to $61,459 a year ago. For the year the city has earned $338,078 for a gain of 10.9% from $304,807.

Winnsboro’s May receipts of $123,144 are up almost 20% from 2019. For the year the city has booked $515,316, gaining more then seven percent from $480,788 in 2019.

Alba’s May rebate dropped 21.36% to $15,447, down from $19,643 in May 2019. The city is still well ahead of 2019 with $102,386 earned compared to $64,886 at this time last year, a gain of 58%.

The monthly income for Yantis rose 17% from $7,432 to $8,709, and for the year the city is 15% ahead at $36,838 compared to $32,025 in five months last year.

Hawkins sales tax income totaled $28,253 in the May report for a 20% gain. For the year sales taxes have earned the city $132,275, up from $111,765, an improvement of 18.35%.

Though sales tax reports from the state are calculated on a calendar year, city budgets begin Oct. 1, meaning there are only three months left in the fiscal year to meet budgeted amounts.