FOR IMMEDIATE RELEASE: CITY REPORTS YEAR-TO-DATE SALES TAX GROWTH
JANUARY 10, 2024
The City of Midland is reporting yearly sales tax revenue remains higher than fiscal year 2023.
Through the first four months of fiscal year 2024, the city has collected $2,228,315, which is an increase of .67% over this point last year and is $1,148,431 higher than budget. FY 2023 was a record year for sales tax collected.
Fiscal year sales tax revenue for the Midland Development Corporation ($5,557,079) also is slightly ahead of FY 2023 pace.
The November collection from the Texas Comptroller -- $5,162,201 -- was down 4.98% compared to January 2023. Finance Department officials stated inflation factored into the monthly decrease. The collection this month was still the second highest ever collected during the month of January in Midland and was $239,897 higher than the monthly budget.
Sales tax revenue is generated by sales tax income from two months prior to collection; January’s collection is based on November sales. The City of Midland collects a full cent of the 8.25% of sales tax inside the City of Midland.
###