Although it was a tough year for many Texas businesses, Southlake still managed to increase its sales tax revenue despite all of the challenges it faced.
According to numbers released by the state comptroller’s office, cities received over $510 million in sales tax allocations in December, a 2.5% decrease from the previous year. While many cities lost revenue thanks to the COVID-19 pandemic, Southlake managed to increase its earnings despite its obstacles. According to the comptroller’s office, Southlake received $2.45 million in sales tax revenue in December and $29 million for 2020 as a whole. That’s a 2.13% increase from 2019’s revenue of $28.7 million.
Deputy economic development director Daniel Cortez says economic initiatives, such as Southlake’s $1 million business relief grant program, has helped make up for revenue losses the city may have experienced last year.
“While we are encouraged that our sales tax performance is better than expected, we know many of our businesses are struggling,” Daniel says. “I believe the city council’s economic efforts, such as Southlake Safe and the temporary modification of some of our ordinance requirements, have helped turn things around. When you combine those efforts with this city's willingness to come together and support our local businesses, it's a powerful combination that helps us get through this volatile time.”
The deadline for Southlake’s business relief grant program is January 15. To learn more about the city’s economic recovery efforts, visit CityOfSouthlake.com.