July sales tax revenue up, but misses monthly target in Oklahoma City
Sales tax lagged in Oklahoma City in the July reporting period.
Budget Director Doug Dowler said, "While we are a little bit disappointed that the July check was below target, it was still positive growth."
Budget managers will "be watching sales tax collections carefully, as we always do, for any signs that point to slowing in the local economy."
Sales tax was up 1.8%, below the projection of 3.2%.
July sales tax is based on transactions the last two weeks of May and first two weeks of June. August sales tax, being reported next week, will be for transactions the last two weeks of June and the first two weeks of July.
Dowler said the projection for fiscal 2020 is for overall growth of 2.3% in sales tax, with slower growth projected in the second half of the year.
Overall, Oklahoma City collected nearly $40.6 million for July, a 1.8% increase over the same month a year ago.
Use tax growth driven by online sales was up 22.9%.