Ford Center Tax Money???

[soonerfever]

First off let me say that I live in Norman so really this doesn't apply to me but I am still excited about the potential. If I am not wrong the city is talking about raising $120 million in taxes for Ford Center improvements. I was just thinking, what would happen if the city got more than $120 million in tax money? Does anyone know? Will they just buy more expensive restaurant chairs or what? Probably a dumb question but I was just curious.

[Pete]

Fever, I assume it would go into the general city coffers, along with all the other sales tax they collect.

[soonerfever]

Good point. Thanks. Should have thought before I typed.

[metro]

I'm pretty sure it would too, either that or they would shorten the length of tax if they raised it earlier than projected. These economists are professionals for a reason and I'm pretty sure they'll be pretty accurate though. It's not like Mayor Mick just pulled a number out of his head and said, 15 months ought to be enough to pay for it. They pay professionals a decent chunk of change to analyze these statistics and make accurate projections.

[kevinpate]

There's a multi year pattern of past history on how much comes in on a single penny. OKC has had a temporary penny tax, for one purpose or another, quite some time. It's not really a shot in the dark at this point to figure out how much will come in over any given period.

[bornhere]

It's not a complete shot in the dark, but sales tax is one of the most difficult revenue sources to project. More than any other tax, sales tax affected is affected by ups and downs in the economy.

I would imagine right now our local prognosticators are trying to predict the depth and length of the coming recession, and how severely Oklahoma will be impacted. The educated guess seems to be we'll escape the worst of it, but I don't anyone knows for sure.

[Kerry]

Bornhere - actually sales taxes are one of the easiest things to forcast. Only property taxes are easier because the taxing agency sets the value. Income taxes are the hardest to predict. Quit making stuff up.