Oklahoma City June 2016 sales tax summary: Collections down 7.7 percent from last year
Published: July 5th, 2016
The June sales tax report shows General Fund collections in Oklahoma City were down 7.7 percent compared to the same month last year, below the monthly projection by 11.3 percent.
The June report includes collections for the last half of April and estimated collections in the first half of May, which total about $16.4 million for the General Fund. That’s around $2.1 million below the projection.
June is the last month of the fiscal year, and sales tax revenue is 4.1 percent (about $9.2 million) below the year-to-date projection. Total collections for the General Fund declined 1.9 percent (about $4.1 million) from the previous fiscal year.
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 $31.7 million in total sales tax revenue during the June reporting period, including collections for the General Fund, MAPS 3, Police, Fire and the Zoo.
Read the full June sales tax report here (https://okc.gov/Home/ShowDocument?id=4878).
About the local sales tax: 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.
www.City-Sentinel.com