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June 12, 2014

Norman, Moore sales tax revenues continue upward trend at fiscal-year end

NORMAN — While Norman and Moore sales tax receipts are up again this month, Purcell is lagging, a likely link to the bridge closure.

Fiscal Year 2014 ends June 30; this is the final sales tax receipts for the fiscal year.

With the June 9 deposit from the Oklahoma Tax Commission, cumulative receipts for the soon-to-end fiscal year are tracking above budget in most area municipalities.

“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.”

Norman’s total deposit for June was $5,330,018. 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.

Unlike its neighbors, Purcell saw a decrease of more than 9 percent from last year’s tax revenue for the same time period. Purcell city leaders had feared the closure of the Lexington-Purcell bridge would have an adverse affect on sales tax. The 2014 June receipts for Purcell were $339,858, compared to $375,024 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, 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,” Francisco 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.

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