Sales Tax Collections Slightly Ahead of Budget Estimate for Month
The City of Tulsa has received its August sales tax and use distribution from the Oklahoma Tax Commission for August. The revenues are slightly ahead of budget estimates, although still 5.79 percent below revenues for the same period last year.
The distributions represent sales taxes collected from mid June to mid July and use taxes collected in July.
The City received $16,849,105 in sales taxes, compared to $17,885,254 for the same period last year. The year-to-date collections so far are $33,347,378. That is 8.3 percent below last year’s collections of $36,367, 222 for the same period. City budget planners estimated revenues of $16,750,000 for the period and $33,434,000 for the year-to-date period.
Use taxes, which businesses pay on purchases of equipment, totaled $1,639,887 for the period. That is a decline of 10.53 percent, or $193,015, compared to the same period in 2008. Budget estimates for the period were $1,577,000. For the year-to-date, $3,069,686 in use tax revenues have been distributed to the City. That is a 4.19 percent decline from the $3,204,004 collected last year.
“The reported revenues closely match our expectations,” said City Finance Director Mike Kier. “It affirms that the actions we took were needed, but we are glad we aren’t seeing a further serious decline.”
“Our work to reduce costs to meet the projected decline in revenues is on target,” said Mayor Kathy Taylor. “We are maintaining a balanced budget and continuing to do our best to deliver quality services to our citizens.”
Updated 08-13-2009
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