View Full Version : Sales tax receipts increase in Oklahoma City



betts
01-06-2011, 06:13 AM
This seems late for a hail storm effect. I wonder how this relates to projections made prior to MAPS 3. Good news, though.
Oklahoma City sales tax revenue continues to improve

Oklahoma City’s sales tax growth is outpacing other cities in the metro area and the region.

BY BRYAN DEAN Oklahoman 0 Published: January 5, 2011

Oklahoma City’s latest sales tax receipts far exceed those of Tulsa and other Oklahoma cities. December’s receipts of about $13.4 million (collections from the last half of October and estimated collections for the first half of November) are about $2 million, or 15 percent, above expectations. December’s revenue is 17.4 percent above the same month last year. City officials don’t have a good explanation for why their numbers are so far above others in the region. Collections in other metro cities and Tulsa were relatively flat in December.



Read more: http://newsok.com/oklahoma-city-sales-tax-revenue-continues-to-improve/article/3529450#ixzz1AGCZIqn1

MustangGT
01-06-2011, 10:12 AM
This is good news.

adaniel
01-06-2011, 10:28 AM
Good news indeed. It seemed to me that Penn Square and some of the local big boxes were busier last month for Christmas than I've ever remembered since I moved to this area.

EDIT: Oops just realized this was for earlier in the fall. Still good news though. Any sort of hailstorm effect would have been tapered off by now as most of the out of state roofers were out of here by Halloween.

kevinpate
01-06-2011, 04:42 PM
Maybe they can order up a firetruck with part of it?




awww, c'mon, someone was gonna get to it. Might as well be me.

ljbab728
01-06-2011, 11:05 PM
Good news indeed. It seemed to me that Penn Square and some of the local big boxes were busier last month for Christmas than I've ever remembered since I moved to this area.

EDIT: Oops just realized this was for earlier in the fall. Still good news though. Any sort of hailstorm effect would have been tapered off by now as most of the out of state roofers were out of here by Halloween.

I agree the hailstorm effect has to have tapered off but I still see locations in NW OKC with the roof being repaired so it's not totally done. The church at 63rd and Penn has been "in the works" forever.

king183
01-07-2011, 12:43 AM
I'm sure the Thunder being back is helping a bit. When the outlet mall opens and when the Thunder make the playoffs, that should bring a nice little boost. Sure wish we had more retail downtown to take advantage of the large crowds that come with the games.

I wish the city would keep a public running total of the MAPS 3 collections so we could all see how it's going. I'm sure collections are ahead of estimates. Speaking of which: if they hit the $777 million ahead of schedule, does the tax end ahead of schedule or do they keep it going and just collect more money for the projects?

Larry OKC
01-07-2011, 01:13 AM
I'm sure the Thunder being back is helping a bit. When the outlet mall opens and when the Thunder make the playoffs, that should bring a nice little boost. Sure wish we had more retail downtown to take advantage of the large crowds that come with the games.

I wish the city would keep a public running total of the MAPS 3 collections so we could all see how it's going. I'm sure collections are ahead of estimates. Speaking of which: if they hit the $777 million ahead of schedule, does the tax end ahead of schedule or do they keep it going and just collect more money for the projects?

Haven't done the math but of our 8.375% sales tax, a cent of that goes to MAPS. Take the monthly sales tax reports and can do it yourself to see. The mayor had said early on in the increases that MAPS was about $1M ahead of where they expected to be at that point. MAPS 3 is a fixed length tax, that lasts 7 years and 9 months. Up or down won't shorten or lengthen the tax (by itself). The $777M estimate total is just that, a total for the length of the tax (works out to be around $100M/year on the average). That was the estimate for the expired 15 month Ford tax (which fell short of projections). If their are funding shortfalls or cost over runs, either have to cut costs (as they did w/the Ford), find another revenue source, or in the case of the original MAPS, get the voter's to pass a 6 month "extension".

Larry OKC
01-15-2011, 06:22 AM
Mayor stated recently that MAPS 3 is $5M ahead of projections to date. From his state of the city address:


The vote was just over a year ago. As you will recall it is a penny on the dollar for seven years and nine months. We just finished the nine months so roughly seven years to go on the revenue collection. Good news on the revenue side is that because our economy has been so strong in the last half of 2010, we are already five million dollars ahead of projections. That’s where you want to be because we know the economy runs in cycles.

So, here’s where we are.

$65 million dollars has been collected so far.

OKCRT
01-15-2011, 02:52 PM
So if collections stay at current levels we should be aprox. 43-45 mil. over projections. That would buy another mile or 2 of track.

kevinpate
01-15-2011, 04:20 PM
Or flesh out the aquatic centers more completely, or cover increased land costs if the cc were built at the oh so very expensive coop property. No strong reason for any surplus to be applied to any one particular project, especially in light of the low level of the planned contingency funds

OKCRT
01-15-2011, 05:52 PM
Or maybe they should put the extra money in to an interest bearing account and let it ride for a new arena down the road. Say 45 mil. in an account for 10 years. Who know what that would turn in to if invested properly.

But,most likely it will be used for overuns which always happen.

ljbab728
01-16-2011, 12:11 AM
Or maybe they should put the extra money in to an interest bearing account and let it ride for a new arena down the road. Say 45 mil. in an account for 10 years. Who know what that would turn in to if invested properly.

But,most likely it will be used for overuns which always happen.

Covering cost overruns are the best option and would keep the public content with the city's ability to do what they promise without coming back to ask for a tax extension.