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July 9, 2012

Stillwater, Payne County sales tax revenues grow

By Ricky O'Bannon Stillwater NewsPress

STILLWATER, Okla. — Economic activity as measured by sales tax continued to climb upward for Stillwater and Payne County, according to the latest reports from the Oklahoma Tax Commission.

The June returns were the last most city and county governments will receive in their fiscal year, which runs from July 1 through the end of June. The reports run several weeks behind, meaning the June report represents sales made from April 16 to May 15.

Stillwater finished the year strong with a 6.8 percent gain over the same period last year. June was the ninth straight month that showed growth over the same month last year. In all, Stillwater saw a year-to-year gain from 2011-12 over 2010-11 in 10 out 12 months.

In all, Stillwater brought in more than $23.9 million in sales tax revenue on a 3.5 percent tax rate over the past fiscal year. That is more than a 4 percent gain over the past fiscal year, meaning more than an additional $900,000 than this time in 2011.

When the recession hit Stillwater, sales tax receipts dropped by almost $1 million from just more than $23 million in 2008-09 to just more than $22 million in 2009-10. Stillwater topped the 2008-09 level last year by almost $30,000 and then well exceeded it in 2011-12.

The sales tax returns don’t account for inflation, the consumer price index or the municipal price index used to measure costs for local governments, but the 4 percent gain over last year still indicates the local economy is growing.

Payne County as a whole saw similar growth. The June report showed a 13 percent gain for the county, which has a sales tax rate of 0.75 percent. On the year, the county gained ground in 11 months over that same period last fiscal year. The result was just under $7.6 million in tax revenue, which was more than an 8 percent gain over last year on sales in the county.

Spurred by construction and the oil industry, Cushing has seen some of the most dramatic growth in the past fiscal year. Cushing saw a 9.6 percent gain in the June report over the same period last year, and the city’s $5.4 million in sales tax revenue during the past 12 months represents an 11.3 percent gain. Cushing has seen a year-to-year gain in the past five months with gains in nine of 12 months overall.

 

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