Tax collections for Fiscal Year 2021-2022

Tax collection data is now available for the City of Edmond’s Fiscal Year 2021-2022. Financial reports released by the City focus specifically on the two percent of collections that go directly into the General Fund, the primary operating fund for City services. 

In FY 21-22, sales tax collections totaled $43,700,141. This equals a year-to-date change of 8.41% over the $40,309,186 collected in FY 20-21. The largest single-month year-to-date change occurred in April 2022, when collections increased 19.21% over the same month in 2021.

Use tax collections also saw an increase with a year-to-date change of 16.84%. Collections totaled $15,277,008 for FY 21-22 and $13,074,787 for FY 20-21. The largest single-month year-to-date change for use tax also occurred in April 2022, with a 28.79% increase over the same month in 2021. 

Combined, sales and use tax increased 10.48% year-to-date. Total combined collections equaled $58,977,149 in FY 21-22 and $53,383,973 in FY 20-21.

There are many possible reasons to consider for these increases. North American Industry Classification System (NAICS) categories seeing significant increases over the last year include Automotive Dealers, Parts & Accessories; Electronics & Appliance Stores; Clothing, Shoe & Accessory Stores; Hotel Food, Beverage & Other Retail; and Restaurants, Drinking Places & Caterers.

Inflation, of course, plays a role in the collections. Increases in prices leads to increases in sales, which leads to increases in tax collections. It is important to consider this in how we regard current and future tax collections.

Edmond is fortunate to have had a steady increase in sales tax collections over many years due to the growth of the sales tax base with new retail and restaurants. This is where increases in sales tax collections can be celebrated, as new options and amenities are made available to Edmond residents and visitors. Growing the sales tax base will continue to be necessary to maintain Edmond’s incredible quality of life.

In any conversation on tax collections, shopping inside Edmond city limits must be mentioned. The City of Edmond provides great resources and reminders on why it is so important to spend in Edmond on their Shop Edmond page, including a breakdown of where your sales tax dollars go.

For more reports on sales and use tax data, visit https://www.eeda.com/data/.