The City of Midland concluded the third quarter with an increase in sales tax collections. According to the Texas Comptroller, Midland collected $5.401 million in June, setting a record for the month and marking a 1.84% increase compared to June 2023. This collection contributed to a fiscal year-to-date total of $49.894 million for 2024, which is 1.83% lower than the record set in FY 2023 at $50.822 million.
Sales tax serves as an indicator of economic activity and helps reduce the reliance on property taxes for funding city government operations in Midland. For FY 2024, through three quarters, Midland's sales tax revenue is $1.608 million above forecasted figures.
Sales tax revenue reported for June reflects income from April sales due to a two-month lag in reporting and collection processes. Within Midland, one cent of every dollar from the city's total sales tax rate of 8.25% goes directly into city coffers.
Detailed figures show consistent growth over recent years:
- June 2024: $5,401,171
- June 2023: $5,303,374
- June 2022: $4,872,944
Fiscal year-to-date comparisons further highlight this trend:
- Fiscal year to date 2024: $49,894,068
- Fiscal year to date 2023: $50,822,186
The Midland Development Corporation also reported collections amounting to $1.350 million for June 2024 and a fiscal year-to-date total of $12.474 million.