Oklahoma City's May Sales And Use Tax Summary

Oklahoma City OK

26 May, 2021

8:06 AM

Description

Press release from the City of Oklahoma City: May 25, 2021 Oklahoma City's May sales and use tax report shows combined General Fund collections were the highest in City history, a dramatic increase compared to this month last year and well above the monthly projection. The record-breaking numbers are likely due to much busier retail activity compared to last year's early days of the pandemic, increased spending after February's cold and snow due to pent-up demand, and federal stimulus checks. The General Fund pays for the City's day-to-day operations. Sales tax is the General Fund's largest single source of revenue, and use tax is the second largest. The May report includes tax collections for the last half of March and estimated collections in the first half of April. May is the 11th month of fiscal year 2021. Read the General Fund's full May sales and use tax report here. Sales tax summary General Fund sales tax collections for May were about $25.7 million. That's around $6.2 million (31.6%) above the projection and $7.1 million (38.2%) above the same month last year. General Fund sales tax revenue is about 5.8% (about $12.9 million) above the fiscal year-to-date projection and 0.2% (about $441,000) below this point last year. Use tax summary General Fund use tax collections, which typically fluctuate more than sales tax collections, were about $7.7 million for May. That's around $2.3 million (42.6%) above the projection and $2.2 million (41%) above the same month last year. General Fund use tax revenue is about 17.5% (about $10.3 million) above the fiscal year-to-date projection and 16.2% (about $9.7 million) above this point last year. This press release was produced by the City of Oklahoma City. The views expressed here are the author's own.