The city of Midland has recorded record high sales tax this month, according to a Your Basin report. The figures exceed records collected in February.
A total of $6,650,766 of sales tax revenue was reported for the city during the month of August, reflecting a 5.06% increase from figures last year.
“Sales tax revenue is generated by sales tax income from two months prior to collection; August collection is based on June sales,” a recent Your Basin report stated. “The city’s fiscal year runs from October through the following September.”
The sum brings the city’s total balance for the fiscal year 2023 to $63,054,522, an 18.46% increase from last year.
The monthly tax revenue count also exceeds the city’s monthly budget by $1,151,964, bringing the city YTD actuals over budget by $10,765,973.
According to a recent Midland Reporter-Telegram report, Midland County is already 35% above the sales tax for the year.
“Should Midland County finish with the same amount as last year (through the last three months – $17.502 million), the county would finish the fiscal year with $75.702 million (or $32 million above forecast),” the MRT report stated. “The record for sales tax collected in a fiscal year is $63.324 million in FY 2019.”