NORMAN — Norman’s tax receipts were down a disappointing 8.5 percent from collections for the same month last year, but the real sales tax picture isn’t as bleak as that increase might indicate.
“We had a bit of an unusual circumstance where a couple of major retailers reported late, so revenue from those retailers is not reflected in the report that we received in January. We expect that it will be caught up in the report that we receive in February,” Norman Finance Director Anthony Francisco said.
The deposit letter from the Oklahoma Tax Commission for Jan. 8 announcing deposits for Jan. 9 were received in city offices statewide this week.
Those reports are also available online for public view at the OTC website. The deposits usually represent collections from two months previous so the Jan. 9 deposit will represent collections primarily from November.
So far this fiscal year, Norman is running slightly under budget projections for sale tax revenue.
“For total general fund revenues, we’re right on budget,” Francisco said. “The motor fuel and cigarette taxes for the state are up a bit, the licenses and permits are up a bit.”
Those increases in other revenue streams are keeping the city on track.
The city received $4,773,046 in total sales tax, but $681,863 of that money is diverted into the Public Safety Sales Tax fund. The PSST money was a voter approved increase in sales tax collections in order to increase fire and police protection in Norman.
Norman’s use tax collections were $162,850 with $23,055 of that going to the PSST fund.
Moore’s tax collections were $2,267,072 this month, up about 3 percent from last year. The Use tax deposit is $78,392.
Other area tax collections include Hall Park $3,049; Lexington $31,363; Noble $111,278 and Slaughterville $12,436.
State Treasurer Ken Miller reported earlier this month that 2012 gross revenue for the state totaled $11.087 billion — 3.8 percent higher than collections in 2011. Of those revenues, Miller said sales taxes generated $4.175 billion, an increase of 8.7 percent from the prior 12-months.