The City Sentinel

Oklahoma City’s November sales report documents 4.8 percent drop

Darla Shelden Story by on November 28, 2015 . Click on author name to view all articles by this author. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

money

Staff Report

OKLAHOMA CITY — The November sales tax report shows General Fund collections in Oklahoma City were down 4.8 percent compared to the same month last year, missing the monthly target by 5.4 percent.

The November report includes collections for the last half of September and estimated collections in the first half of October, which total about $17.5 million. That’s around $1 million below the target. November is the fifth month of the fiscal year, and General Fund sales tax revenue is about $2.6 million below the year-to-date target.

The General Fund pays for the City’s day-to-day operations. Sales tax is the City’s largest single source of revenue.

The City collected around $33.9 million in total sales tax revenue during the November reporting period, including collections for the General Fund, MAPS 3, Police, Fire and the Zoo:

The sales tax rate in Oklahoma City is 8.375 percent, and 3.875 cents of each dollar in taxable sales goes to the City. Of that, two cents is allocated to the City’s General Fund, one cent goes to MAPS 3, three-fourths of a cent is dedicated to Police and Fire, and one-eighth of a cent goes to the Zoo.

The rest of the sales tax belongs to the state.

Note: Oklahoma City businesses located in Cleveland and Canadian Counties collect a slightly higher sales tax rate due to County sales tax.

Comments are closed

Click For Western Concepts
Log in | Designed by Gabfire themes