The City of Midland in Texas has achieved a significant milestone by reporting a record-breaking sales tax collection for the month of February. With a collection of $6,693,675, the city has surpassed the previous record set in August 2023 and has outperformed the collection from the same month last year, which stood at $6,599,940.
This remarkable achievement has propelled the city's year-to-date collection from the Texas Comptroller to $28.921 million. This figure surpasses the collection from the first five months of the previous fiscal year, which amounted to $28.681 million.
The City of Midland's sales tax revenue is generated from sales tax income from two months prior to collection. Therefore, the February collection is based on sales made in December. It is worth noting that the city collects a full cent of the 8.25% sales tax within its jurisdiction.
The Midland Development Corp, which plays a crucial role in the city's economic growth, also reported an impressive sales tax collection figure for February 2024. The organization collected $1,673,419, contributing to a year-to-date collection of $7,230,498.
This exceptional sales tax collection is a testament to the thriving business environment in the City of Midland. It reflects the robust economic activity and the continued growth in sales within the city's boundaries.
As the city celebrates this achievement, it is evident that Midland's efforts to attract businesses and promote economic development have yielded positive results. The record-breaking sales tax collection is an encouraging sign for the city's financial health and its ability to provide essential services to its residents.
The City of Midland and the Midland Development Corp have expressed their satisfaction with the remarkable sales tax figures. However, they are also aware of the responsibility to continue fostering an environment that supports business growth and sustains this positive momentum.
The record-breaking sales tax collection underscores Midland's position as a vibrant and prosperous city. It is a testament to the resilience and determination of the local businesses and the community as a whole. With these impressive figures, the City of Midland can look forward to a bright and prosperous future.
Source: City of Midland