Oklahoma City's May Sales And Use Tax Summary

Oklahoma City OK

25 May, 2022

3:12 PM

Description

Press release from the City of Oklahoma City: May 24, 2022 Oklahoma City's May sales and use tax report shows combined General Fund collections were above this month last year and the combined monthly projection. 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 April and estimated collections in the first half of May. May is the eleventh month of fiscal year 2022. Read the General Fund's full May sales and use tax report here. Sales tax summary General Fund sales tax collections for May were around $27.6 million. That's around $1.8 million (7%) above the projection and $1.9 million (7.7%) above the same month last year. General Fund sales tax revenue is around 0.1% (about $327 thousand) below the fiscal year-to-date projection and 17.4% (about $40.9 million) above this point last year. Use tax summary General Fund use tax collections, which typically fluctuate more than sales tax collections, were around $8.2 million for May. That's around $1.1 million (15.2%) above the projection and $549 thousand (7.2%) above the same month last year. General Fund use tax revenue is around 1.3% (about $1 million) above the fiscal year-to-date projection and 14.4% (about $10 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.