NORMAN — Norman sales tax is up again this month. With the June 9 deposit from the Oklahoma Tax Commission, cumulative receipts for the soon-to-end fiscal year are tracking above budget.
FY 2014 ends June 30 and this is the final sales tax receipts for this closing fiscal year.
“That’s a very positive indication of a healthy economy,” Norman Finance Director Anthony Francisco said. “This is the highest growth rate we’ve had since the recession of 2008.”
OTC deposited $5,330,018 in Norman’s account this month. After deducting $761,430 for the Public Safety Sales Tax fund, Norman is up 7.39 percent over receipts from the same time period in 2013. Year-to-date, Norman is tracking 5.72 percent above FY 2013. Francisco and his staff had budgeted for 4.25 percent growth, so this is good news for Norman.
Use tax, which represents mostly construction, was slightly down for the month. Total use tax receipts for June were $193,851 compared to last year’s $203,156. Year-to-date, use tax is up, however, with $2,508,472 for FY 2014 versus $2,398,141 last year.
It’s still too early to tell how the city will fare overall for other major general fund revenues.
“For franchise fees it’s been all over the map,” Franscisco said.
A mild summer last year meant franchise fees from utility companies were down, but a cold winter resulted in higher franchise fees from gas companies. Other franchise payments such as telecom companies are not in yet.
For the full report on Cleveland County sales tax revenue see Thursday's Transcript.