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.
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