The city of Midland reported that it completed the third quarter of the current fiscal year (FY) with a record sales tax collection. This achievement allows the city to remain consistent with last year’s record fiscal year total.
In a press release issued on June 12, the city mentioned that the Texas Comptroller of Public Accounts announced it collected $5.401 million, a record for the current month and about two percent higher than June 2023.
According to the release, this figure brought the FY 2024 total to $49.894 million, which is slightly lower than the record total of $50.822 million set in FY 2023.
The release also noted that not only does sales tax serve as an important metric for economic activity, but an increased amount lowers the burden on property tax owners in Midland funding the city government.
With three quarters under its belt, Midland has racked up $1.608 million above the forecast for the current FY, according to the release.
Sales tax revenue comes from sales tax income from two months before collection, with the June collection based on April sales.
The city collects a full cent of the 8.25% of sales tax.