New fiscal year begins with strong sales tax results for Oklahoma City
July sales tax results indicate underlying growth of 8 percent in economic activity over July 2017 in Oklahoma City.
The city's budget director, Doug Dowler, said Tuesday the results are a “good start” to fiscal 2019, exceeding projections.
Sales tax revenue is up 15 percent overall to $39.8 million.
• $21.7 million: The share of July sales tax revenue allocated to the general fund, the primary account for day-to-day expenses, up 21.5 percent. The city projects 16.5 percent growth in the first quarter, due in part to the quarter-cent sales tax increase that took effect Jan. 1.
• $888,886: General fund sales tax revenue above the target for the month.
• 2.8 percent: Projected underlying growth in economic activity for fiscal 2019, which began July 1. With the sales tax increase, revenue allocated to the general fund is expected to grow 11 percent for the year.