The state’s first sales and use taxes check for fiscal year 2019-20 reflects a positive trend from both revenue sources, said Larry Stevens, city manager.
“Sales tax collections for July were up 4% from what they were a year ago,” Stevens said before the Edmond City Council on Monday. “And use tax revenue was up about 40% from what it was the same period a year ago.”
Stevens pointed out that only one month since FY17-18 did not identify positive tax revenue growth from the previous year. Combined sales and use tax revenue in the general fund was 9.6 % above the previous month of July. This figure compares favorably to the 10.3% cumulative sales and use tax total for the FY18-19 budget, Stevens explained.
Edmond’s total sales tax rate of 8.25% remains the lowest in the metro area. This percentage is broken down into a local tax mix of 3.75% plus the state tax of 4.5% paid by all cities, according to Stevens office.
During this budget year Edmond has moved from third to first in our seven-city comparison group (Yukon, OKC, Moore, Midwest City, Norman and Tulsa) in sales tax growth for the year. The police, fire and capital projects special purpose sales taxes approved, Stevens noted.
In June the city council approved a conservative 2% budget increase from sales tax, and a 5% budget increase for use tax for FY 2019-20 and the four outer years.