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June 2021 tax apportionment report

Jun 23, 2021

(STILLWATER, OKLAHOMA / June 23, 2021) – The City of Stillwater’s June 2021 sales and use tax collection totaled $3,203,394. The collection is based off April transactions that were reported to the Oklahoma Tax Commission in May and apportioned to the City in June.

This is an increase from June 2020 total collections by $1,023,704 (46.97 percent).

The City of Stillwater’s sales tax collections in June 2021 were $2,859,220, which is up $892,092 (45.35 percent) from June 2020.

The City of Stillwater’s use tax collections in June 2021 were $344,174, which is up $131,612 (61.92 percent) from June 2020.

Hotel/motel tax remitted to the City in June 2021 totaled $68,724, which is up from June 2020 collections by $50,691 (281.10 percent). The Hotel Room Tax Annual Budget was amended on January 25, 2021, from $800,000 to $500,000.

In Oklahoma, sales tax is the largest source of recurring revenue for municipalities, and the novel coronavirus has brought many challenges and unknowns related to the dependability of that revenue source. Changes in how businesses in the community operate and in the shopping habits of citizens as well as the canceling of community events all jeopardize the reliability of local sales tax revenue.

Although Stillwater has experienced only modest effects to sales tax since the start of the pandemic, it is important to keep in mind that the City is also not experiencing overall growth, which is the desire for our local economy. The spike in tax collections over the last two months is encouraging but does not indicate a trend at this point. Lack of growth in local sales tax generation limits future opportunities for expanding City services and capital investment. The City continues to monitor sales tax collections closely as the community begins to reengage in public activities and events, and businesses rebound from the effects of COVID-19.

For more information about the budget and taxes, visit the City’s Financial Center at http://stillwater.org/budget.

We also update a sales, use and hotel/motel tax report monthly at http://stillwater.org/document-center/detail/id/285.

 
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