The ninth monthly sales tax reports for the fiscal year shows a decline in sales tax revenue for the City of Edmond. March receipts are 1.08 percent above the same period for last year, said Larry Stevens, city manager.
January’s report showed a 15.49 percent increase from the previous year that dropped further to 2.49 percent in February.
“This is our smallest percentage increase that we have seen all year,” Stevens reported to the City Council this week. The city’s cumulative percentage is 15.2 percent for the first nine months of the fiscal year.
March receipts reflect the last two weeks in January and the first two weeks in February.
“That’s still a very healthy increase. We’re very fortunate to be that far above our budget allocation, which was 3 percent,” Stevens said.
In January the City Council mulled over the next budget before the new fiscal year begins July 1.
Last year the council budgeted for a 3 percent rise in sales tax revenue and ended up seeing 6.18 percent growth for the fiscal year, Finance Director Russ VanderHamm said. This was the highest growth rate in the previous five years, he said.
VanderHamm recommends that the council budget for a 6 percent sales tax growth for FY 2013-14 with 5 percent budgets to follow for the next four years.
The city’s sales tax is 3.75 percent. It is added to the 4.50 percent state sales tax.
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