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Oklahoma City’s October sales tax summary
The October sales tax report shows General Fund collections in Oklahoma City were up 4.5 percent compared to the same month last year, above the monthly projection by 2.4 percent.
The October report includes collections for the last half of August and estimated collections in the first half of September, which total about $18.5 million for the General Fund. That’s around $438,000 above the projection.
October is the fourth month of fiscal year 2018. General Fund sales tax revenue is 1.8 percent (about $1.3 million) above the year-to-date projection.
The October report is the sixth straight month of increased sales tax revenue compared to the same month the previous year, which follows a year-long streak of declines. Despite the recent gains, revenue this month was slightly less than same month in 2014.
A ¼ cent General Fund sales tax increase approved Sept. 12 by voters will take effect Jan. 1.
The General Fund pays for the City’s day-to-day operations. Sales tax is the City’s largest single source of revenue.
The City collected around $35 million in total sales tax revenue during the September reporting period, including collections for the General Fund, MAPS 3, Police, Fire and the Zoo.
Read the full October sales tax report here.
About sales tax
The sales tax rate in Oklahoma City is 8.375 percent, and 3.875 cents of each dollar in taxable sales goes to the City. Of that, two cents is allocated to the City’s General Fund, one cent goes to MAPS 3, three-fourths of a cent is dedicated to Police and Fire, and one-eighth of a cent goes to the Zoo. The rest of the sales tax belongs to the state.
Note: Oklahoma City businesses located in Cleveland and Canadian Counties collect a slightly higher sales tax rate due to County sales tax.
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