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Owasso sales and use tax collections above budget and prior year; January shows 9.2% increase
Summary
City staff reported combined sales and use tax collections at 9.2% over budget for January; sales tax alone was 9.6% over prior year and use tax 6.7% over prior year. Combined collections rose from $4.6 million last year to about $5.1 million this year, staff said.
City staff reported that combined sales and use tax collections for January were 9.2% over budget, a figure staff said reflects holiday-season activity and puts collections above last year.
Why it matters: Sales and use tax are major sources of municipal revenue; stronger-than-budgeted collections improve near-term revenue outlook and may influence future budget decisions.
Details: Carly Hillvisins reported that sales tax alone is 9.6% over the prior year while use tax was 6.7% over the prior year and 6.04% over budget. Staff noted combined sales and use tax totaled about $5.1 million this year compared with $4.6 million last year. Hillvisins said the January tally captures about the last six to eight weeks of shopping, which likely reflects holiday-season receipts.
At the meeting, councilors noted the figures and asked whether the rise was unusual for the season; staff said the increase corresponds with the holiday shopping period (roughly mid-November to mid-December) and that Owasso is trending ahead of state collections.
Next steps: No budget actions were proposed at the meeting; the report was informational and will inform upcoming budget and revenue-monitoring discussions.
