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November 13, 2013

Norman tax collections are now trending above previous budget projections

NORMAN — Post tornado sales tax collections are booming in Norman and Moore.

Norman received $5,045,219 in sales tax from the Oklahoma Tax Commission on Friday, Finance Director Anthony Francisco reported.

After deducting $244,050 in Public Safety Sales Tax, the remaining $4,324,474 represents a hefty 5.98 percent increase over last year’s collections. Norman’s sales tax is tracking at 5.18 percent above last year, running ahead of budget predictions.

Norman’s total use tax receipts of $214,273 also are up over last year’s $189,850.

“It was a very good month,” Francisco said. “We are on a positive trend.”

Francisco said it’s hard to draw conclusions only five months into the fiscal year, but the upward trend has been welcome. The fiscal year started July 1, with receipts running below budget that first month.

A bump in August and September brought year-to-date collections above budget predictions, but another disappointing month in October showed how unpredictable sales tax can be. November’s strong showing boosted the upward trend.

“It’s very volatile,” Francisco said.

The OTC deposit letters received Nov. 8 represent tax collections primarily from mid-August through mid-September. Moore sales tax receipts of $2,577,348 include an extra quarter penny for parks that was not collected last year, but even without the quarter penny, that’s an 18.81 percent increase.

“That was amazing,” Moore Finance Director Jim Corbett said. “A lot of people are building back. We’re up 9 percent for the fiscal year.”

Moore’s use tax collections are $71,781, up over last year’s November receipts of $63,326.

Joy Hampton

366-3544

jhampton@

normantranscript.com

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