OKC sees strong sales tax results

Busy streets, busy shops, and the hustle and bustle of metro area commerce are no illusion, judging from Oklahoma City’s latest sales tax numbers.

The city of Oklahoma City took in $39,842,000 the last two weeks of May and first two weeks of June, the time frame for this week’s July sales tax report.

Results reflect underlying growth of 8 percent in economic activity over July 2017.

“This gets fiscal year 20182019 off to a very good start,” exceeding projections, the city’s budget director, Doug Dowler, said Tuesday.

Significant takeaways:

• 15 percent: Overall monthly growth in sales tax revenue over July 2017.

• $21.7 million: The share of July sales tax revenue allocated to the general fund, the primary account for day-to-day expenses. The 21.5 percent increase exceeds the projection of 16.5 percent growth for the first quarter.

• $888,886: General fund sales tax revenue above the target for the month.

• 2.8 percent: Projected underlying growth in economic activity for fiscal 2019, which began July 1. Revenue allocated to the general fund is expected to grow 11 percent for the year.

July’s take comes within a breath of the record $39,954,000 collected in May.

Sales tax is Oklahoma City’s single-largest revenue source and the primary source of funding for services including police and fire protection.

A voter-approved 1-cent sales tax finances the MAPS for streets program of street resurfacing and related improvements that began this year.