As we saw last month, FYE18 has always been 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 - inexplicably - 4.25% the latest NF Pro Forma budget) in FYE19 and beyond.
We now have three months of sales and use tax remittances from the state in FYE18, and things aren’t getting better.
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. We need increases; we see stagnation.
September remittance/July collection (NFST Sales + Use)
- FYE17: $805,400
- FYE18: $802,051
- increase: - 0.42%
Year to date, through September (NFST Sales + Use)
- FYE17: $2,461,706
- FYE18: $2,397,708
- increase: - 0.16%
Since we have been treading water for three months now, 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 3.38% better than collections over the equivalent reporting period in FYE17.
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