Grapevine sales tax revenue grew by 7% in February versus the same period from the prior year.
The delay in these sales tax reports removes some perspective around the increase. If you recall back in February (just before the Super Bowl), the Metroplex was blanketed with snow and ice. Schools were closed. Businesses asked people to work from home. Economic activity in general was dramatically slowed. Despite all of this, Grapevine’s sales tax revenue grew again (now for 10 straight months) by over 7%. This makes us wonder what the month would have really looked like without all the bad weather to slow down the Super Bowl festivities.
Year to date the Grapevine Sales Tax revenue is up over 10% according to the State Controller’s website. That’s up over $1 million versus fiscal year 2010. Hopefully, we need not remind you that the City of Grapevine budgeted for sales tax revenue to be flat versus 2010. This is a $1 million surplus so far in the year. That will definitely buy a lot of trolleys. (Note, this is a joke people. Let’s all ratchet down the sensitivity meter a notch or two).
Great news for Grapevine!