Oklahoma City received its largest sales tax revenue check in history, according to city officials. The August check, which represents receipts collected mainly in the month of July, amounts to $31,992,317.78.
The revenue is not only a major increase from the same time a year ago, but also above the revenue collection for the month in 2008, before the country went into a deep economic recession.
According to the city, the collection is 15.1 percent ($2.1 million) above 2009, and 9.2 percent ($1.3 million) above 2008. It is also 12.6 percent ($1.85 million) more than the city had projected for this year.
Use tax collection also was up, nearly 36 percent higher than last year, and 1.2 percent more than two years ago.
"I am optimistic that we may be beginning to see general economic improvement, but, again, until we have the details, I would caution against euphoria," said Jim Couch, city manager. "In any case, a 15-percent improvement over the worst year ever is not a sustainable trend. We still have ground to cover to make up the one-time money that was used to balance the FY 11 budget."
City officials should know the source of the increased revenue next week. "Scott Cooper