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November 16, 2012

Other revenue sources offsetting Norman’s low sales tax collections

(Continued)

NORMAN —

“Year to date, we’re 6.27 percent up,” Corbett. “We’re a little bit ahead of our projections.”

Corbett had budgeted for a 4 percent increase over last year.

Use tax for Moore is also up.

“At the pace we’re going, we will exceed last year’s receipts by about a 10 percent growth if we continue as we have,” Corbett said.

Cleveland County sales tax collections on Nov. 8 were $583,431, which is a slight increase over last year’s collections for the same time period. Use tax collections were $23,975, which is down 3.2 percent from last year’s use tax collections for the same time period, according to Oklahoma Tax Commission deposit letter reports.

Other cities in Cleveland County include Noble, receiving $129,719 in sales tax, Lexington $28,067 and Slaughterville $9,733. Noble and Lexington were up from last year, while Slaughterville was down slightly.

Treasurer Miller reported strong October revenues, as measured by the monthly gross receipts, which increased 9 percent over last year. Miller reported that this increase was the highest percentage in eight months.

Oklahoma’s October revenue increase “was driven primarily by personal income tax collections, up by more than 20 percent, and better gross production numbers, which earlier this year had fallen as much as 54 percent below prior year collections,” according to the press release.

“Oklahoma’s economy is showing marked improvement,” Miller said. “After leveling off for some six months, revenue collections have resumed their positive trajectory.”

October gross production collections remain below last year’s numbers. The state’s other major revenue streams — sales and motor vehicle taxes — grew during October, up 4 percent and almost 12 percent, respectively, Miller reported.

The state treasurer also reported that “the Business Conditions Index for Oklahoma improved in October. The leading economic indicator rose to 63.3 from 56.6 in September. Numbers above 50 mean growth is expected. The weakest number in the survey, while still in positive territory, is in the area of employment, due to some reports of shortages of skilled workers.”

Oklahoma’s seasonally adjusted unemployment rate rose to 5.2 percent in September, according to the Oklahoma Employment Security Commission.

Joy Hampton366-3539jhampton@normantranscript.com

 

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