The 2013 calender year was a prosperous one for the Seminole and Seagraves communities, economically.


According to figures from the Texas Comptroller's Office, the Seminole community finished the 2013 calender year 19.14-percent ahead in sales tax allocations when compared to 2012, while the City of Seagraves finished 15.05-percent on the same marker.


"This, again, is a record year for us," said Tommy Phillips, Seminole City Administrator over the December allocation's report, released Wednesday. "Last year (2012) was a record year for us, and the year prior (2011) was a record year as well."


For the 2013 calender year (Jan. through Dec.), the City of Seminole received $1.94 million in allocation payments from the Comptroller's Office for sales transactions occurring from November 2012 through October 2013.


In December 2012, the City of Seminole had received at total of $1.64 million in allocation payments from the State Comptroller's Office, according to figures produced by the state agency on Wednesday.


Phillips stated the City of Seminole, which follows an October through September fiscal year calender for their financial obligations, stated the municipality remains ahead of the curve for their 2014 FY budget in allocation payments when compared to FY 2013.


"I've said this in the past, but the economy here is just thriving, especially with all of the oilfield activity," said Phillips. "And, we will hopefully continue to see this trend for some time."


Phillips stated the City of Seminole, in receiving their portion of the sales tax allocations from the State Comptroller's Office, places those excess funds not budgeted to be placed in the City's "general fund" into the municipality's "fund balance" portion of the budget, where it is saved and used for any special projects the City wishes to take part in.


"We don't like to lock in all that money into the general fund, because if the economy begins to slide, then we will either have to raise taxes or begin cutting services to make up for those lost (allocation) funds," said Phillips.


In addition to the City's portion of sales tax allocations from the state, the Seminole Economic Development Corp. receives a portion of sales tax allocations received by the City of Seminole, to fund their fiscal year budget and various projects overseen by the entity.


In Wednesday's report, the City of Seminole had received an allocation payment of $173,054.97 from the Comptroller's Office, which represented October sales reported by monthly tax filers. That allocation payment was up 28.33-percent from December 2012's allocation payment of $134,843.74.


The City of Seagraves, according to State figures, received $274,137.79 in allocation payments for the 2013 calendar year, which was up from the $238,265.45 in payments received by the municipality in 2012.


According to State figures, Seagraves received a December allocation payment of $22,135.19, which was up 23.28-percent from December 2012's total of $17,953.96.


Texas Comptroller Susan Combs said Wednesday that state sales tax revenue in November was $2.41 billion, up 2.8 percent compared to November 2012.


"State sales tax revenue continues to grow at a moderate pace as expected,” Combs said. "Sales tax collections have increased for 44 consecutive months. Revenue from sectors such as wholesale trade, services industries and restaurants contributed to the most recent increase.”

 

Combs will send cities, counties, transit systems and special purpose taxing districts their December local sales tax allocations totaling $579.6 million, up 5 percent compared to December 2012.