Low Oil Prices Impact City of Liberty

LIBERTY, June 11, 2015 – With the Bankruptcy filing of Boomerang Tube in Delaware it’s now obvious that low oil prices are impacting our community.

But there have been indicators of that fact for some time that shows just how sensitive our local economy is tied to national and world events.

Looking at the amount of sales tax collected in Liberty and sent to the City by the State Comptroller in this year is telling.

County/City
Current
Rate
Net Payment
This Period
Comparable Payment
Prior Year
% Change
2015 Payments
To Date
2014 Payments
To Date
% Change
Liberty
January
1.500%
230,783.09
301,742.26
-23.51%
230,783.09
301,742.26
-23.51%
February
1.500%
318,583.68
425,045.01
-25.04%
549,366.77
726,787.27
-24.41%
March
1.500%
206,125.85
315,294.00
-34.62%
755,492.62
1,042,081.27
-27.50%
April
1.500%
229,244.49
279,151.97
-17.87%
984,737.11
1,321,233.24
-25.46%
May
1.500%
260,217.43
289,116.73
-9.99%
1,244,954.54
1,610,349.97
-22.69%
June
1.500%
231,376.88
248,255.95
-6.79%
1,476,331.42
1,858,605.92
-20.56%

2015, year to date, the amount of sales tax revenue to the City of Liberty has decreased by 20.56% over the same time period last year in 2014. That amounts to $382,274.50 dollars less this year to date over last year.

According to City Manager Gary Broz this decrease is largely attributable to the lack of business done by smaller oil related companies in our community and the closing of some as well as a slight decline in consumer spending.


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