The City of Midland reported Wednesday that it remains nearly $1.4 million above the budgeted forecast for sales tax collected halfway through fiscal year 2024.
The City of Midland showed that monthly receipts were down 11.41% in March (compared to March 2023). The $4,764,581 from the Texas Comptroller this month increased the fiscal year-to-date collection to $33,686,571, which is 1.1% behind the record pace set in FY 2023.
Still, the City of Midland showed that the sales tax collection is $1.394 million greater than the budgeted forecast six months into FY 2024.
Sales tax revenue is generated by sales tax income from two months prior to collection; The March collection is based on January sales. The City of Midland collects a full cent of the 8.25% of sales tax inside the City of Midland.
Sales Tax report
City of Midland
March 2024: $4,764,581
March 2023: $5,378,450
Percentage change: -11.41
FY 2024 to-date: $33,686,571
FY 2023 to-date: $34,059,617
Percentage change: -1.1
Midland Development Corp.
March 2024: $1,191,145
FY 2024 to-date: $8,421,643
Source: City of Midland