The Edmond Sun

November 14, 2012

Sales tax receipts up 18%

James Coburn
The Edmond Sun

EDMOND — 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.

“We’re up just under 18 percent for the year, compared to last year,” Stevens said. “We budgeted for 3 percent.”

November’s revenue came in at 12.4 percent. The volume of roof repairs resulting from spring thunderstorms is still fueling the city’s economy, Stevens said.

“The code for building materials and hardware for the last three months show increases from the previous years of 72 percent,” Stevens said. Mayor Charles Lamb called the revenue a silver lining to the storm.

Edmond’s 18 percent increase in sales tax revenue does not include the half-cent sales tax dedicated to fund the city’s new $25.5 million Public Safety Center, said Ross VanderHamm, city finance director.

The amount received in November represents sales tax collections from the last half of the month of September and the first half of October. November’s revenue totaled $2.612 million compares to the $2.321 million from the same period last year, according to VanderHamm.