Since pre-holiday shopping encourages major spending among consumers, it is no surprise that the City of Edmond will be collecting more sales tax revenue. Edmond officials recently announced an increase in sales tax revenue by 3.25 percent, and although it’s not entirely credited to pre-holiday shopping, it exceeded expectations with significant growth compared to last year.
An 8.25 percent sales tax is paid by shoppers on each of their purchases with 4.5 percent going to the state and 3.75 percent to the city. There was a $4,439,437 increase in the city’s tax collection in December as compared to last year. That is about a 19.97 percent increase since July, which amounts to $26,669,492.
Of that amount, 2 percent will go to the general fund for operations, amounting to a total of $2,736,018, which is an increase of $652,442, or 31.31 percent, as compared to last year. In addition, $4,102,999 has been collected from the new half-cent sales tax, which is going toward the public safety center.