The Edmond Sun
The City of Edmond’s most critical revenue source — sales tax — continues to show strong growth for the first five months of the fiscal year, City Manager Larry Stevens said this week at the City Council.
September tax receipts represent the last two weeks in July with the first two weeks of August sales.
The Edmond City Council chose not to use the FY 2012-13 figures for a budget projection this year. Both City Finance Director Ross VanderHamm and Stevens describe revenue receipts as an anomaly from the last calendar year.
The city sales tax revenue earnings for September outpace the 6 percent budget projection by more than 300 percent, Stevens said. The City Council had budgeted for a 6 percent revenue increase for the fiscal year that began July 1.
“The numbers continue to be very positive,” Stevens said. “This is our third check in the fiscal year, and for a cumulative total for the year, we dropped from 19.3 percent to 18.6 percent above our 2011 totals.”
These figures do not include the half-cent sales tax dedicated to fund the Public Safety Center. The safety center sales tax was not available two years ago. The city’s sales tax is 3.75 percent when including the half-cent dedicated sales tax for the Public Safety Center. It is added to the 4.50 percent state sales tax.
“We are $1.052 million ahead of two years ago,” VanderHamm told The Edmond Sun.
The city collected $15.196 million for the first three months of the calendar year, VanderHamm said. Last year for the same three months the city had collected $15.382 million, or $186,000 less this year than last year.
This month’s check was $5.076 million, or 1.3 percent less than the 2012-13 fiscal year, VanderHamm said. However, the September check is 10.5 percent above the 6 percent budgeted amount.
“We still anticipate that those numbers will moderate over the next couple of months, but we’ve also been saying that for a couple of months now,” Stevens said. “So we may continue to be wrong but we’re off to a very good start.”
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