Sales tax revenue still in decline

Tuesday, 14 July 2009
The City has received its July sales and use tax distribution from the Oklahoma Tax Commission, representing taxes collected in June, showing a 10.73 percent reduction in sales taxes from the same period last year.

The reported revenue closely reflects the budgeted revenue estimates which were revised downward.  Tulsa’s July sales tax disbursement is $16,498,273.  The budget estimate was for $16,507,887.  Last year’s July sales tax disbursement was $18,481,969.

“We reduced spending in many areas for the fiscal year which began July 1 in anticipation of reduced sales tax revenues now and in the near future,” said Mayor Kathy Taylor.

“So while we are hoping for economic recovery soon, our budgeted revenues are very close to the actual revenues we are receiving.”

Revenue from use taxes, which are paid on purchases by businesses, is 4.28 percent above last year and slightly above the budget projection.  Use taxes totaled $1,429,799.  The budget estimate was for $1,399,769 and the July amount last year was $1,371,101.

Last Updated ( Tuesday, 14 July 2009 )