With one month remaining in the fiscal year, the City of Midland's sales tax collection is projected to exceed the budget by over $2.1 million, marking it the second-largest collection on record.
The City of Midland reported that tax collections in August were $6.39 million, which is 3.87% less than last year’s record for August, but still $154,823 higher than the city’s monthly budget. The August collection is based on June sales. The city collects one-cent of the 8.25% sales tax for every transaction inside the city boundaries.
The $61.9 million collected so far in fiscal year 2024 is $2.149 million higher than the budgeted forecast, and is the second-largest collection in the city’s history. Last year, the city collected $68.369 million. There is one month left in the 2024 fiscal year.
“Retail, Hotel, Food Service and Construction saw increases in sales tax contributions,” the city reported. It said collections from wholesale business collections decreased from 2023, while collections from manufacturing businesses—mainly oil-related industries—stayed even.