Edmond's sales tax growth helps with budget calculations

Significant sales tax collections for the last couple of years open the doors for a 7 percent growth to be calculated in next fiscal year's budget. Council members talked about spending some of the extra money on short-term capital projects.
by Diana Baldwin Published: January 17, 2014

EDMOND — City leaders say a significant increase in sales tax collections has put Edmond in a position for a 7 percent growth in next fiscal year's budget.

Council members spoke this week in favor of the 7 percent growth during their first workshop on the 2014-2015 budget.

For fiscal year 2012-2013, Edmond collected $36.6 million in sales, user and franchise and hotel and motel taxes.

With all available money, such as charges for services, fines, forfeitures, licenses and permits, the total direct revenues jump to $83.3 million, up from $76.8 million collected the previous fiscal year.

Revenue for the first seven months of this fiscal year is $1.8 million above budget.

Although municipalities can only approve a one-year budget, Edmond officials calculate a five-year budget which gives them warnings of possible future shortfalls. Council members also suggested adding a 5 percent increase each year in the budget from fiscal year 2015-2016 until 2020.

The new fiscal year begins July 1.

Council members talked about a 14-item list of potential short-term capital projects that would be funded with additional tax money from this fiscal year.

Included on the list is a $250,000 study of Interstate-35 frontage roads.

Continue reading this story on the...

by Diana Baldwin
Sr. Reporter
Diana Baldwin has been an Oklahoma journalist since 1976 and came to The Oklahoman in 1991. She covered the Oklahoma City bombing and covered the downfall of Oklahoma City police forensic chemist Joyce Gilchrist misidentifying evidence. She wrote...
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