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Gross‑receipts shifts and one‑time clawbacks squeeze Hobbs City's revenue outlook
Summary
Finance staff told the commission that grocery/gross‑receipts tax growth has flattened, mining‑related windfalls have receded, and one‑time clawbacks from covenant and waste‑management payments reduce near‑term revenue projections.
Chief Financial Officer Toby Spears and staff told the Hobbs City Commission on May 5 that changes in the composition of the gross‑receipts (grocery) tax and several one‑time clawbacks are the primary drivers of the FY 2026 revenue outlook.
"So the biggest driver, grocery receipts tax, kinda where we're at," Toby Spears said while reviewing the FY 2026 preliminary revenue assumptions.
Spears and staff presented a multi‑year view showing the grocery/gross‑receipts tax…
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