The Norman Transcript

Government

January 18, 2013

City revenue strong despite lower sales tax numbers

(Continued)

NORMAN —

Sales tax from the holiday season has not been received yet, and those numbers — along with continued tax receipts from the remaining six months of the year — could boost those numbers.

In the meantime, the city is making adjustments to a more conservative outcome to assist city spending plans. The total budgeted target for sales tax was $38,017,161, but that has been adjusted to $36,956,535.

The city has continued to grow, particularly in the University North Park district, and sales tax projections for the UNP have been exceeded. But the UNP is a Tax Increment Funding district, meaning the lion’s share of new development in that TIF is channeled to pay for streets, the park and other infrastructure solely within the UNP TIF district.

So, while those new businesses along 24th Avenue Northwest starting at Robinson Street and growing toward the north are contributing gains in sales tax, the city only receives 40 percent of those proceeds, with 60 percent going into the TIF fund.

Francisco said sales tax collections in the TIF district are 15.63 percent above budget projections.

Members of the city council expressed concerns about cannibalization at Thursday’s finance meeting but did not discuss it in detail.

Joy Hampton

366-3539

jhampton@

normantranscript.com

 

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