“While we welcome the small bump in sales tax collection, the yearlong trend is still downward,” Reames said. “We continue to monitor the city’s budget and encourage staff to deliver exceptional yet efficient municipal services.”
Merchants remit sales tax collected monthly to the Oklahoma Tax Commission on behalf of the City of Stillwater. May’s sales tax receipts represent sales from March.
Reames said use tax continues to exceed expectations with receipts for May exceeding the same month last year by $52,290.64 (52.70 percent), over budget by $404,650.23 (41.60 percent) and ahead of last year-to-date collections by $261,752.58 (23.46 percent). The positive variance on use tax will offset the negative variance on sales tax.
Cigarette tax receipts are down $1,858.18 (7.09 percent) from the same month last year and down $8,381.10 (2.68 percent) year-to-date compared to last year and under budget $5,034.64 (1.62 percent).
Lodging tax collection is up $11,164.30 (20.94 percent) from the same month last year, up $56,480.48 (9.48 percent) year-to-date and over budget by $86,838.26 (15.35 percent).