CITY FINISHES FISCAL YEAR WITH SECOND MOST SALES TAX COLLECTED

(Sept. 12, 2024)

MIDLAND, TEXAS -- The City of Midland collected the second most sales tax in its history and finished fiscal year 2024 over budget by $2.098 million.

The Texas Comptroller showed the City of Midland collected $5.192 million in September to finish FY 2024 with $67.098 million. The yearly total was the second most in Midland’s history, finishing behind only FY 2023 and the $68.369 million collected.

The City of Midland reported 34.3% of the sales tax collected came from retail trade, 17.1% from manufacturing and 15.1% from professional and other services in August.

“Comparing August 2024 YTD to August 2023 (year-to-date), Wholesale and Manufacturing saw a decrease, both of these being predominantly oil related industries,” the city reported. “All other industries such as Retail, Hotel, Food Service and Construction saw increases in sales tax contributions when comparing August 2024 YTD to August 2023 YTD.”

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

Sales tax report

September 2024: $5,192,372

September 2023: $5,315,164

Decrease from FY 2023: 2.31%

Year-to-date FY 2024: $67,098,426

Decrease from FY 2023: 1.86%

Note: The City YTD actuals finished over budget by $2,098,426.

MDC

September 2024: $1,298,093

Year-to-date FY 2024: $16,774,605

Largest annual city collections

Fiscal year 2023: $68.369 million

Fiscal year 2024: $67.098 million

Fiscal year 2019: $60.304 million

Fiscal year 2022: $58.439 million

Source: City of Midland