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City finance staff: 1% sales tax collections above budget after one-time use-tax payment
Summary
Staff members told the Mayor and Board Commissioners that the city’s 1% sales tax—effective since FY 2017—has outperformed conservative budgets and that a recent roughly 20% year-over-year jump is largely driven by a one-time use-tax payment from a local manufacturer.
Staff members reported at a Mayor and Board Commissioners meeting that the city’s 1% sales tax—established in fiscal year 2017—has consistently outperformed conservative budget projections and that a recent short-term jump in collections is largely the result of a one-time use-tax payment from a manufacturing company.
Staff member 1, Staff member, told the board that the 1% sales tax “started in FY ’17” and that the city has “been conservative in how we budgeted that and have exceeded our budget each year.” He said the city budgeted “just over $5,000,000” to collect for the July–December portion of the current fiscal year and that actual collections exceeded that figure. He added that a large manufacturing plant “did not timely file for their exemption with the state of Oklahoma,” and that…
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