Sales taxes down, revenue still up overall for the year

Special to the PRESS

Although recent months have been down in terms of sales tax compared to last year, with inclement weather being cited as a major factor, revenue remains 4.25 percent higher for this fiscal year, according to discussions at the South Padre Island Economic Development Corporation’s (EDC) regular meeting Tuesday.

Events like the upcoming Cyclovia and Fiesta Padre in May are expected to increase visitors and bring in additional sales tax revenue. The EDC is funded by 0.5 percent of the City’s sales tax revenue and is on track to receive $778,000 from this fiscal year.

After a short regular meeting, the EDC met for their second Strategic Planning Workshop of 2015. At their first workshop in January, the board — along with business owners in the community — discussed an overview of the history of the EDC and past projects, which include beach nourishment, a second causeway study, and most notably, the World Birding and Nature Center, which was supported with a vote from residents and opened in 2009. The EDC owns the land and the Center’s building and is expected to pay off the bond on September 30, 2028. With a one-year reserve bond cover and $50,000 allocated for maintenance, 68 percent of the total EDC budget is related to the Birding and Nature Center leaving around $100,000 for the EDC to spend elsewhere.

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