• September 18, 2014

Cove EDC takes on declining sales tax revenue

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Posted: Friday, December 27, 2013 4:30 am

Copperas Cove Economic Development Corporation is drafting some plans to help stabilize the city’s decreasing sales tax revenue.

For at least the second month in a row, Copperas Cove has received less revenue than the previous month. While the city is experiencing larger revenue for the calendar year, the fiscal year which started in October is already lagging behind the previous fiscal year.

The city generated about 5.5 percent less revenue, a difference of about $17,000, in November 2013 compared to November 2012.

October 2013 experienced a .68 percent decrease, a difference of about $2,500.

According to a Cove EDC report, the corporation is reporting 2.64 percent less revenue, a loss of about $6,000, from it sales tax funding source for the fiscal year.

“We don’t know long it will continue but we want to make sure the city has the resources,” said Polo Enriquez, EDC executive director.

City Manager Andrea Gardner and Enriquez have worked together to pinpoint the cause of the decline, Enriquez said.

Several area leaders have tied the decrease to sequestration and government furloughs, he said.

“We will be putting together a plan to increase the business community,” Enriquez said.

Cove EDC’s focus for 2014 will have to be split between business attraction and retailers, who have operations on the future Business 190, to try and grow sales tax revenue, Enriquez said.

“The Copperas Cove Economic Development Corporation is tasked with the responsibility of growing the city’s sale tax revenue and as well as property tax revenue,” Enriquez said.

Enriquez plans to pitch ideas for growing the revenue source in late January to the corporation’s board.

He wouldn’t reveal what those ideas are until that meeting.

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