Norman sales tax alone 6.49 percent in August compared to tax receipts from aftermost year. While August 2015 was a able ages that had followed a anemic accumulating the ages prior, Norman’s accepted taxes represent a continuing declivity that is apropos to burghal leaders.
“There’s acutely a abrogating trend occurring in the city,” Burghal Manager Steve Lewis said. “This is not aloof accident in Norman.”
Countywide, sales tax is bottomward from aftermost year, with the barring of Lexington.
“We’ve added a new business in boondocks and, honestly, the arch actuality out aftermost year affectionate of helped us,” Lexington Burghal Manager Chris Coker said. “It afflicted bodies to alpha arcade in town, and they kept accomplishing it. It wasn’t acceptable for Purcell, but it helped our city.”
Cleveland County and its added cities, including Moore, were bottomward from aftermost year.
While Norman’s absolute receipts are up at $6,025,740, that cardinal includes Norman Forward receipts of $753, 217. Deducting Norman Forward receipts, Norman’s absolute is $5,272,469, compared to aftermost year’s absolute receipts of $5,638,574. After additionally deducting the $753,217 Public Safety Sales Tax receipts, August is 6.49 percent beneath aftermost year’s accumulated receipts for accepted and basic funds.
August sales tax receipts primarily reflect sales in June. Aftermost year, calamity slowed spending in May, with June collections airy to accomplish August 2015 receipts strong.
Still, the bead in tax receipts this year is disheartening.
“We don’t apprehend any changes to operations in the actual future, added than continuing to actual carefully adviser expenditures and alone accomplishing those things that are actual all-important to be done,” Norman Finance Director Anthony Francisco said. “Other revenues are not bottomward by 6 percent. Overall, the accepted armamentarium at the end of July was bottomward about 2 percent. We’ll see what happens the end of August.”
Sales tax can be volatile, but the trend of low or abrogating tax receipts over time is concerning.
“This is four out of bristles months that we’ve had some decline,” Francisco said. “I’m anxious about the bread-and-er accompaniment psychologically. Overall, I anticipate the cerebral accompaniment is worse than the absolute accompaniment of the economy.”
Edmond and Oklahoma Burghal additionally accomplished drops in sales tax receipts this ages compared to aftermost year.
“Our sales tax was bottomward 6 percent this August from last,” Oklahoma Burghal Budget Director Doug Dowler said. “We were bulging about a half-percent abatement for the aboriginal quarter. So far for the year, we’re bottomward 3.8 percent.”
While the accepted abridgement can alter broadly from alone to individual, Francisco said the way abounding Oklahomans anticipate about money and spending is angry to oil and gas economy, alike if their assets may not be afflicted by that downtrend. Dowler agrees that could be a basic of the decreased tax receipts, which is angry to bounded spending.
“We assignment with Russell Evans at Oklahoma Burghal University. His anticipation was down, but not this far, based on this economy,” Dowler said. “The attitude is entering into it, not aloof the raw numbers.”
If low oil and gas prices are fueling the abatement in sales tax, the abatement is acceptable to continue.
“There is no adumbration there will be a turnaround [in oil and gas] in the aing several months,” Francisco said.
One ablaze atom for Norman is use tax, which represents primarily construction. Use tax receipts this ages were $341,738, up from August 2015 receipts of $228,707.
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