Sales Tax Revenue in Edmond Increases

During the past two months, more sales tax revenue has been collected than what officials were expecting.  Edmond City officials said that the increase was due to the increase of purchases in roofing materials and the opening of two new grocery stores in the city.

Sales taxes collected were already approved by voters as was the allocation of these funds. An 8.25 percent tax is added to all purchases made within the city. Out of this 8.25 percent, 4.5 percent goes to the state and 3.75 percent goes to the city. Voters allocate 2 percent of the city’s sales tax percentage to a general fund and 0.5 percent to the construction of the public safety center. The remainder is then allotted to capital improvements and salaries for firefighters and the police department.

Sales tax revenue saw a significant increase during the last two weeks of July and the first two weeks of August. It was 18.98 percent higher than what was collected the same month last year.  Already, $15.4 million in sales tax has been collected this year, which is $4.3 million more than what officials are expecting.  The notable increase is said to be a result of the purchases of materials for roof repairs caused by a recent hailstorm.

Heather & Alan Davis
Oklahoma City Realtors
http://www.alanandheatherdavis.com

 

 

 

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