February Sales Tax Collections Up 3.4 Percent
TULSA, Okla. – Mayor Dewey Bartlett said today the City of Tulsa’s sales tax revenue for mid-December to mid-January, as reported by the Oklahoma Tax Commission, is 3.4 percent above the same period last year.
“This is good news, in light of the record snowstorm last week and second round this week,” said Mayor Bartlett. “Our current preliminary cost estimate for response to this storm is between $2 million and $3 million. The increase in revenue may allow us to cover these extra costs before using our emergency reserve, which now is $13.7 million.”
Tulsa’s February sales tax disbursement from the Oklahoma Tax Commission is $18,367,046. For the same month last year it was $17,771,635. The conservative budget estimate for the month was $16,908,000.
“We’re glad to see modest increases in sales taxes, not decreases as was expected when the budget was prepared,” City Finance Director Mike Kier said.
For the fiscal year-to-date since July 2010, the City has received $135,402,974 in sales taxes, which is 2.7 percent more than the $131,880,404 received last fiscal year at this time.
Use tax received in February is $1,596,055, which is 0.18 percent lower than the $1,598,877 received during the same period last year. For the fiscal year-to-date since July 2010, however, the City has received $11,769,157 in use tax, which is 5.6 percent above the $11,148,753 received last fiscal year at this time, and 3.8 percent above the budget estimate of $11,337,000.