Oklahoma City’s March sales and use tax report shows combined General Fund collections were above this month last year and the combined monthly projection.
The General Fund pays for the City’s day-to-day operations. Sales tax is the General Fund’s largest single source of revenue, and use tax is the second largest.
The March report includes tax collections for the last half of January and estimated collections in the first half of February. March is the ninth month of fiscal year 2023.
Read the General Fund’s full March sales and use tax report here.
Sales tax summary
General Fund sales tax collections for March were about $24.8 million. That’s around $4.1 million (19.7%) above the projection and $3.3 million (15.5%) above the same month last year.
General Fund sales tax revenue is about 9.0% (about $19.9 million) above the fiscal year-to-date projection and 7.9% (about $17.7 million) above this point last year.
Use tax summary
General Fund use tax collections, which typically fluctuate more than sales tax collections, were about $6.4 million for March. That’s around $643 thousand (9.1%) below the projection and $195 thousand (2.9%) below the same month last year.
General Fund use tax revenue is about 1.4% (about $973 thousand) above the fiscal year-to-date projection and 8.3% (about $5.4 million) above this point last year.
About sales and use tax
Sales tax comes from retail sales in Oklahoma City. Use tax is charged at the same rate and comes from goods purchased elsewhere and shipped or brought to Oklahoma City, like online sales or equipment not available from Oklahoma suppliers.
The overall sales tax rate in most of Oklahoma City is 8.625%, and 4.125 cents of each dollar in taxable sales goes to the City. Of that, 2 ¼ cents is allocated to the City’s General Fund, one cent goes to MAPS 4, three-fourths of a cent is dedicated to Police and Fire, and one-eighth of a cent goes to the Zoo. The rest of the sales tax belongs to the state.
The City collected around $54.3 million in total sales and use tax revenue during the March reporting period, including collections for the General Fund, Police, Fire, the Zoo and MAPS 4.
Learn more about municipal taxes in Oklahoma City at okc.gov/tax.
Original source can be found here
