SALES TAX COLLECTION SETS RECORD FOR JUNE

(June 12, 2024)

MIDLAND, TEXAS -- A monster sales tax collection in June helped the City of Midland stay in line with last year’s record fiscal year total. 

The Texas Comptroller showed the City of Midland collected $5.401 million, which is a record for June and 1.84% higher than June 2023. The monthly collection also pushed the fiscal year 2024 total to $49.894 million, which is 1.83% lower than the record pace set in FY 2023 ($50,822 million).

Sales tax is not just an important metric for economic activity. An increased amount of sales tax collected helps take the burden of funding city government off the property tax owners in Midland. 

Through three fiscal year quarters, the city of Midland is $1.608 million above the forecast for FY 2024. 

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

 Sales tax collection report

June 2024: $5,401,171

June 2023: $5,303,374

June 2022: $4,872,944

Fiscal year to date 2024: $49,894,068

Fiscal year to date 2023: $50,822,186

Midland Development Corp.

June 2024: $1,350,292

Fiscal year to date 2024: $12,473,517