Miller: Sales Tax Report Reflects Growth and Opportunity | New
Muskogee continues to see growth in its share of sales tax revenue, reflecting what officials describe as “good opportunities” in a strong local retail industry.
Data compiled by the Oklahoma Tax Commission shows the city’s share of sales tax revenue disbursed in August was $ 2.51 million. This is an increase of 5.93% from sales tax filings recorded for the same period a year ago, up $ 148,972 from the $ 2.36 million filed in August 2020.
August disbursements represent local sales tax collected on June business activity. Totals include taxes collected on actual sales reported by businesses required to file electronically from June 16 to 30 and estimated sales from July 1 to 15.
The commission disbursed $ 183.42 million in sales tax revenue to state municipalities, an increase of over $ 15.29 million, or 8.34%, from the $ 168.12 million. dollars disbursed in August 2020. Counties that assess a sales tax have shared disbursements totaling over $ 29.98 million and use the tax. sales totaling nearly $ 5.48 million.
Muskogee County’s share of sales tax disbursements in August totaled $ 534,188, up 7.77% from the $ 492,694 it received for the same month in 2020. The disbursement in August usage tax in Muskogee County coffers totaled $ 84,846, up 13.48% from the $ 73,405 deposited a year ago. .
City Manager Mike Miller said Muskogee continues to see “strong – and hopefully sustainable – growth in our retail industry.” He said there appears to be “a lot of opportunity” in Muskogee for both business owners and consumers.
“Our employment numbers are high, and there are still a lot of jobs out there – a lot of opportunities here, and people are making money,” Miller said. “These are good trends for us, and we hope that this will translate into the development of housing and new opportunities for economic development.”
Muskogee’s sales tax receipts for the first two months of fiscal 2022, which began July 1, totaled nearly $ 4.91 million. This is a 4.69% increase from the $ 4.68 million deposited in city coffers in the same period a year ago, when federal pandemic aid boosted spending. of consumption.
Muskogee also saw a 2.64% increase in its user tax revenue from deposits reported in August 2020. User tax revenue paid to the city totaled $ 320,581, up $ 8,478 per year. compared to $ 312,103 deposited a year ago.
User tax revenue, which can vary wildly from month to month, is primarily generated from out-of-state purchases of goods consumed or used in Oklahoma. City councilors have ordered that up to $ 1.2 million of Muskogee’s annual use tax filings be used solely for purposes related to economic development.
Muskogee’s 4% municipal sales tax revenue, along with tobacco taxes and franchises, makes up just over half of the city’s general fund. City councilors approved a general fund budget for fiscal year 2022 totaling approximately $ 36.84 million.