SALES TAX COLLECTION RISES TO START OF LAST QUARTER OF FISCAL YEAR

(July 11, 2024)

MIDLAND, TEXAS -- Sales tax collected inside the City of Midland again remains ahead of the Fiscal 2024 budget.

The Texas Comptroller reported $5,618,464 in sales tax revenue in July (an increase of 0.66% compared to July 2023). The total keeps the City’s fiscal year-to-date totals over budget by nearly $2 million. There are two months left in the fiscal year, which begins on Oct. 1. 

The Comptroller’s numbers show the City’s year-to-date total is $55,512,532, a 1.58% decrease over this point last year. The City of Midland reported a record collection in Fiscal Year 2023. 

 “Comparing June 2024 YTD to June 2023 YTD, Wholesale & Manufacturing (predominantly oil related) saw a large decrease, but all other industries such as Retail, Hospitality and Construction saw increases in sales tax contributions,” the city reported.

Sales tax revenue is generated by sales tax income from two months prior to collection; The July collection is based on May sales. The City of Midland collects a full cent of the 8.25% of sales tax inside the City of Midland.

Sales tax report

July 2024: $5,618,464 

July 2023: $5,581,569

Year-to-date FY 2024: $55,512,532

Year-to-date FY 2023: $56,403,755

 Note: The City YTD actuals remain over budget by $1,994,310.

MDC

July 2024: $1,404, 616

Year-to-date FY 2024: $13,878,133

Source: City of Midland