The Norman Transcript

Government

July 10, 2013

Norman sales tax revenue continues to be below expectations

(Continued)

NORMAN —

Moore’s sales tax was down also with the city receiving $2,091,362 — an 11 percent drop from last year’s collections for the same time period.

“We totally expected that to happen,” Moore Finance Director Jim Corbett said.

Last year, Moore received $2,314,903 during July. Moore recently ended the fiscal year up 5.7 percent which was comfortably above budget predictions of 5 percent, Corbett said.

The tornado has changed everything for FY 2014.

“We were just hours from the budget being adopted on May 20,” Corbett said. “We had a council meeting scheduled at 6:30.”

The tornado hit that afternoon and the meeting was canceled.

“The budget was adopted on June 3,” Corbett said. “It was adopted as is. We didn’t make any adjustments at that point.”

There will be many adjustments made to the FY 2014 budget in coming months, he said. On Monday, the city council will consider a supplement for FY 2013 for costs related to the tornado.

“There will be additional supplements throughout the summer,” Corbett said.

Those adjustments will affect FY 2014.

Corbett said the city expects a sales tax slump followed by a boom as businesses reopen and people rebuild.

Joy Hampton

366-3539

jhampton@

normantranscript.com

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