FYE 2021 Debt Report
November 25, 2022
2022-2027 Comprehensive Economic Development Strategy
January 1, 2023TCOG Economic Impact, FY 2021
Revenue for the State and Local Taxing Districts
Types of Revenues for the State of Texas
The State of Texas may receive various revenues as a result of the employees and businesses supported by TCOG; however sales taxes is the largest and most significant source of revenue. The economic impacts estimated in this report will result in additional revenue for the State of Texas primarily through the state’s 6.25% sales tax. Although purchases made by TCOG are not subject to sales taxes and many of the backward linked transactions will not be subject to sales taxes, some worker spending will be subject to sales taxes in Texas. The table below summarizes the sales taxes supported by TCOG the state may collect.
| Tax Revenues for the State of Texas Supported by the Texoma Council of Governments During FY 2021 | |
|---|---|
| Tax Collections | |
| State sales tax collections | $56,404 |
| Total taxable spending by direct, indirect and induced workers well as taxable spending out-of-town visitors | $902,458 |
| State of Texas Sales Tax Rate | 6.25% |
Types of Revenues for Local Taxing Districts
The following fiscal impact analysis estimates the tax revenue supported by the spending of workers in the region. Additionally, residential property owned or occupied by direct, indirect and induced workers supported by TCOG result in local property tax revenue for area taxing districts.
The table below summarizes the tax rates used in this analysis to calculate the tax revenues supported by TCOG. The tax rates used in this analysis and summarized below are intended to represent the average across the region.
| Local Tax Rates Used in this Analysis | |
|---|---|
| Three-County Region* | |
| Local Sales Tax Rate | 2.0% |
| Average Itemized Local Property Tax Rates | |
| Cities | 0.616 |
| Counties | 0.356 |
| School District | 1.183 |
| Other Entities | 0.119 |
| Total Property Tax Rate | 2.274 |
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 | $281m272 |
| 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.
