FYE18 is expected to be a down year for Norman Sales (& Use) Tax collections. All of the City Budget documents predict a 2.5% increase in sales tax revenues in FYE18, followed by an increase to 4% (or 4.25% the latest NF Pro Forma budget) in FYE19 and beyond.
We now have a couple of months worth of sales tax remittances from the state in FYE18, so it is time to start keeping track.
Baseline numbers: the City collected $9,646,527 via the Norman Forward Sales Tax in FYE17; a predicted 2.5% growth rate means we expect to collect $9,887,690 in FYE18.
July remittance/May collection (NFST Sales + Use)
- FYE17: $797,041
- FYE18: $811,837
- increase: 1.86%
August remittance/June collection (NFST Sales + Use)
- FYE17: $799,223
- FYE18: $783,821
- increase: - 1.93%
Year to date, through August (NFST Sales + Use)
- FYE17: $1,596,264
- FYE18: $1,595,657
- increase: - 0.04%
Since we have been treading water for two months, we will need to grow at an accelerated rate to meet our yearly goal. In particular, the collections for the the rest of FYE18 will need to be 3% better than collections over the equivalent reporting period in FYE17.
