FYE 2023 Cost Allocation Plan
November 22, 2022
2022-2027 Comprehensive Economic Development Strategy
January 1, 2023TCOG Economic Impact, FY 2021
A Report of the Economic Impact of the Texoma Council of Governments During Fiscal Year 2021
Executive Summary
Introduction
This report presents the results of an economic impact analysis performed by Impact DataSource, Austin, Texas. The analysis estimates the annual impact that the Texoma Council of Governments (TCOG) on the state and local economy during fiscal year 2021. The report also estimates local tax revenues supported by Texoma Council of Governments activities.
Economic Impact of Texoma Council of Governments Operations in FY 2021
The Texoma Council of Governments directly employs 47 workers. The total salaries and benefits paid to these individuals in FY 2021 was approximately $3.0 million. The organization’s operating expenditure during the year totaled approximately $13.7 million. This direct economic activity supported indirect and induced economic impacts during the year, as shown below.
| Estimated Economic Impact of the Texoma Council of Governments During FY 2021 | ||
|---|---|---|
| Three-County Region* | State of Texas | |
| Revenues for Businesses | ||
| Direct | $13,698,462 | $13,698,462 |
| Indirect & Inducted | $6,931,422 | $13,785,960 |
| Total Revenues | $20,629,883 | $27,484,422 |
| Jobs: | ||
| Direct | 47 | 47 |
| Indirect & Inducted | 55 | 110 |
| Total Permanent Jobs | 102 | 157 |
| Workers’ Earnings | ||
| Direct | $2,983,527 | $2,983,527 |
| Indirect & Inducted | $2,328,344 | $4,630,910 |
| Total Workers’ Earnings | $5,311,871 | $7,614,437 |
Texoma Area Impact
As shown above, the organization’s annual expenditures and salaries in the Texoma Area of $13.7 million supported another $6.9 million in sales in businesses and other organizations in the region. In total, TCOG supported $20.6 million in economic output or revenues for businesses in the region.
The organization directly supports a total of 47 direct jobs and an additional 55 indirect and induced jobs in the region. In total, TCOG supported 102 employees in the region.
Similarly, while compensation for the organization’s employees totaled $3.0 million, the organization’s spending and spending of its employees supported another $2.3 million in compensation for workers in spin-off jobs in the region. Therefore, TCOG supports annual salaries of $5.3 million in the region.
Statewide Impact
Spending that takes places beyond the immediate three-county region expands the Texoma Council of Governments’ impact. As shown in the State of Texas column, the organization’s impact statewide is slightly larger than the local Texoma Area impact The statewide economic impact in revenues for businesses is $27.5 million or about $6.9 million greater than the local impact. It is important to note the local impact represents a subset of the statewide impact.
Value of Volunteers
The Texoma Council of Governments coordinates many volunteers in conjunction with the Aging Services Department. These volunteers counsel the elderly, assist residents with administrative tasks and provide mentors to school children. During 2021, Texoma Council of Governments volunteers provided 4,635 hours of service, valued at $135,157.
| Value of Volunteer Hours | |
|---|---|
| Total Volunteer Hours During FY 2021 | 4,635 |
| Value of volunteer time per hour | $29.16 |
| Value of Volunteer Hours | $135,157 |
Tax Revenues for Local Taxing Districts Supported by TCOG in FY 2021
The Texoma Council of Governments supports economic impacts in the region which result in tax revenues for local taxing districts in Cooke, Fannin and Grayson counties. The taxable spending by workers generates local sales tax collections. Also, direct, indirect and induced workers that own or occupy residential property support property taxes to cities, counties schools and other taxing districts in the area. Housing vouchers also indirectly support a portion of residential property in the area.
| Tax Revenues for Local Taxing Districts Supported by the Texoma Council of Governments Operations During FY 2021 | |
|---|---|
| Three-County Region* | |
| Local sales taxes collected by cities, transit authorities and others | $18,049 |
| Itemized Local Property Taxes | |
| Cities | $146,461 |
| Counties | $84,643 |
| School District | $281,272 |
| Other Entities | $28,294 |
| Total residential property taxes* | $540,670 |
| Total Local Tax Revenues | $558,720 |
The Texoma Council of Governments supports annual local tax revenues of $559,000 in the region which are generated by worker spending as well as residential property taxes.
In total, the Texoma Council of Governments supports total annual revenues of $615,000 for the State of Texas and local taxing districts such as cities, counties and school districts in the region.
While the above is a summary of the results of this analysis, details are on the following pages.
