Sales tax program shows increase in revenue, grants
By Patrick J Kennedy
Feb. 4, 2018 at 10:30 p.m.
Updated Feb. 5, 2018 at 6 a.m.
There were numerous curious observers when the latest sales tax figures were released by the Texas Comptroller of Public Accounts. That was because figures would provide an idea of the impact of Hurricane Harvey on our economy.
As it has been previously reported, sales tax remittance is the primary source of funding of the Cuero Development Corporation. Surprisingly, the fiscal year (program year) October 2017 through January compared to the same period last year shows an increase of almost 10 percent, and for the calendar year of January 2018, almost 11 percent.
It is believed the increase in expenditures can be attributed not only to folks recovering from the hurricane but also to the increase in the activity of the Eagle Ford Shale.
Sales Tax Comparisons
Looking at the recent figures got me thinking about what impact, among other things, the Eagle Ford Shale has had on the city of Cuero during the last few years. As you can see on the accompanying chart, with 2011 as the base year, the remittance had a steady increase until 2014 and hit rock bottom in 2016.
Regardless of the amount of sales tax revenue, the CDC has endeavored to increase funding for its five programs. They are:
Business Retention and Expansion Program
This program is designed for businesses that collect sales tax or will collect sales tax as a result of these improvements.
Main Street Facade Program
This program provides partial funding to encourage the enhancement of the fronts of commercial building exteriors.
Community Services Program
This program is designed to extend support to nonprofit organizations within the city of Cuero.
This program provides for external investment for projects creating or retaining many jobs.
This program is designed to assist new businesses, or startups.
What is exciting this year is that we are going out of our comfort zone and seeking new avenues to attract attention to this revised program. Utilizing other forms of social media, our new campaign begins with the following:
Spring is just around the corner, and Cuero is the place to plant the seeds for your new business or startup! The Cuero Development Corporation stands ready to assist you in growing your idea into a reality with our Entrepreneur Program, which provides a grant for up to $10,000. Download the application at cuerodc.com or pick up a copy at our office anytime and find out how we can help you.
Cuero is open for business - yours! Bring your idea for a new business to the Cuero Development Corporation, and we'll help get you started in the right direction! Our Entrepreneur Program provides a grant for up to $10,000. Just download the application from our website at cuerodc.com or pick up a copy at our office anytime to find out how we can help you.
For fiscal year 2016-2017, Oct. 1, 2016 - Sept. 30, 2017, 21 projects were completed. There were 11 Business Retention and Expansion Program grants funded last year, a record number. Already for the first quarter of 2017-2018, Oct. 1, - Dec. 31, 2017, 15 projects have been approved by the CDC.
Patrick J. Kennedy is the executive director of the Cuero Development Corporation.