City sustains sales tax growth through Q2 : comparemela.com

City sustains sales tax growth through Q2


Dec 24, 2020
City administrators boosted revenue projections for the fiscal year after closing the second quarter with sales tax revenue outpacing both earlier estimates and year-ago totals.
Data compiled by the Oklahoma Tax Commission show the city received nearly $2.15 million in sales tax revenue in December. That represents a 1.36% increase from the $2.12 million disbursed during the same period in 2019.
December sales tax disbursements primarily represent local tax receipts generated by October business. Totals include taxes collected on actual sales reported by businesses required to file electronically from Oct. 16 to Oct. 31 and estimated sales from Nov. 1 through Nov. 15.
The agency disbursed about $154.65 million in sales tax revenue this month to municipalities statewide — that was down $4.83 million, or 3.12%, from the $159.48 million disbursed in December 2019. Counties that assess a tax on retail sales shared disbursements totaling $25.05 million and use tax revenue totaling about $4.96 million.

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