The city of Midland, Texas, has reported that its sales tax collection remains above budget, albeit slightly trailing the record pace for sales tax collected in a year. This information was cited from the Texas Comptroller of Public Accounts.
In a press release dated May 9, the city revealed that it had amassed a collection of $5,898,833 in May. However, this figure marked an approximate 8% decrease from the same period last year.
At present, the Fiscal Year 2024 balance stands at $44,492,897. According to the release, this represents a 2.25% decrease compared to the same time last year.
Despite these decreases, the city's collection still exceeds its budget by $1,253,324.
The release further explained that sales tax revenue is generated by sales tax income from two months prior to collection. Consequently, the May collection is based on March sales.
The current sales tax rate in Midland is 8.25%.