As we saw two months ago, 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.
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 now have four months of sales and use tax remittances from the state in FYE18, and things aren’t getting better. October remittances (August collections) were up 2.04% over the same month last year, but that only brings us back to even (+0.41%) with last year
October remittance/August collection (NFST Sales + Use)
- FYE17: $838,611
- FYE18: $855,719
- increase: 2.04%
Year to date, through October (NFST Sales + Use)
- FYE17: $3,240,275
- FYE18: $3,253,427
- increase: 0.41%
Since we have been basically treading water for four 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 3.56% better than collections over the equivalent reporting period in FYE17.
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