The City of Midland has reported a notable increase in its sales tax collection for March, placing it ahead of budget expectations for the first half of the fiscal year and surpassing the record pace set in 2022-23.
According to city officials, the sales tax collection rose by 13.28% in March. The total amount collected reached $5.397 million, bringing the cumulative collection halfway through the fiscal year to $34.192 million. This figure represents a 1.5% increase over the first six months of FY 2023-2024.
Furthermore, this amount exceeds the pace set during a previous record year. "The City of Midland’s sales tax collection thus far is also $1.67 million higher than the amount budgeted," said the release.
Sales tax income reflects revenue from two months prior to collection, with March's figures based on January sales. Within Midland city limits, the sales tax rate stands at 8.25%, with one full cent being collected by the city.