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By News Director Jared Atha
During the latest Elk City Commissioner’s proceedings, the Commission approved to re-purpose sales tax intake to go towards city employee’s pay.
As explained by city financial adviser Meredith Meacham-Wilson to the Commission, the current sales tax rate in the city stands at 4.5%, with 1.5% dedicated to debt service, half a percent goes towards the hospital with the other whole percent going towards funding CAPPs projects.
She explained that the remaining 3% is split between general operations – which funds city employees, and capital improvements. Meacham-Wilson said that as the city prepares the budget, City Manager Tom Ivester has been looking closely at re-appropriating sales tax funds.
By News Director Jared Atha
During the latest Elk City Commissioner’s proceedings, the commission received the final tax numbers for the calendar year.
City Treasurer Jennifer Rainey reported that sales tax intake was down 13% when compared to the same time a year ago, use tax was down 48 %, however the cigarette tax was up 25% when compared to last year.
City financial adviser Meredith Meacham Wilson says despite sales tax taking a dip, November was the first time this fiscal year that every city fund, with the exception of one, made a profit.