November financial report: McAlester shows modest month deficit, year-to-date sales-tax gains

Finance staff presented the city's November financial report, telling council that the fiscal year is 41.67% complete and the general fund has collected about $6,900,000 in revenues against roughly $6,700,000 in expenditures.

After accounting for an estimated tenth payment ($469,000) and monthly transfers, staff said the general fund reflected an approximate $75,000 deficit for the month. Staff highlighted that year-to-date sales-tax receipts totaled about $1,600,000, roughly $82,000 over budget and up from the prior year's comparable receipts. Use-tax results were mixed; staff reported a $4,006.87 shortfall for the month in that category but year-to-date use-tax exceeded last year by approximately $8,000.

The finance presentation included NAICS-category breakdowns (retail, hospitality, services, manufacturing and utilities) and a summary of the city's TIF district, noting the city retains 10% of collections while 90% is remitted to a developer when payments are made (the next typical payment is in May). Staff also reviewed hotel-tax receipts (a 6% rate) and noted some formerly past-due hotels have made payments, contributing to a recent uptick.

Councilors asked for comparative benchmarks to peer cities and staff explained county tax-rate differences affect apparent tax-rate comparisons. Staff emphasized that the report is consistent month to month and provides detail on funds dedicated to infrastructure, bond debt, TIF, and other uses.

The council received the report; staff will continue to monitor revenues and present future monthly updates to support year-end reconciliation.