Ardmore sales tax revenue up 9% over budget for first quarter of fiscal year
It's been a strong start for sales tax collections in the City of Ardmore for the first quarter of the new fiscal year which began on July 1. City Manager Kevin Boatright said so far tax collections are up 9% over the amount currently budgeted.
"This is the figure for the first three months of our fiscal budget year," Boatright said. "So right now we're up 9%, and we're very happy with that number. The question is, is that sustainable. I don't know, but we're cautiously optimistic.'"
The total sales tax in Ardmore is currently 9.125% with 4.5% of collections going to the state, .875% going to the county, and the remaining 3.75% going to the City of Ardmore. The city receives the money two months after it was originally collected.
"Earlier this month we received just over $918,000 so that's from money that was actually taken in during July," Boartright said. "Last year that number for the same month was about $817,000."
Taxes collected this June were also up year over year by approximately $76,000, from $865,000 in 2020 to $941,000 in 2021. Though Boatright noted this means overall collections dropped by $23,000 from June to July.
"We're really happy with things right now, and things seem to be going well overall," Boatright said. "Not just with taxes, but also things like building permits. Even though the cost of materials has gone up, we're still doing very well with building permits, and people are still doing construction. It's been a very strong summer for construction and some new things are set break ground next month. So all of these things are very good signs."