CITY SALES TAX COLLECTION APPEARS SET TO BEAT BUDGET FOR FY 2024

(Aug. 8, 2024)

MIDLAND, TEXAS -- With one month left in the fiscal year, the City of Midland’s sales tax collection is on track to beat budget by more than $2.1 million and end as the second-largest collection on record. 

The City of Midland reported an August collection of $6.39 million, which was 3.87% less than last year’s record August but was still $154,823 higher than the monthly budget.  

The $61.9 million collection in fiscal year 2024 is $2.149 million higher than the budgeted forecast and already puts FY 2024 as the second-largest collection in the City’s history. Last year, the City collected $68.369 million. 

There is one month left in the 2024 fiscal year.

“Comparing July 2024 YTD to July 2023 YTD, Wholesale saw a large decrease while Manufacturing stayed even, 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.” 

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

Sales tax report

August 2024: $6,393,522 

August 2023: $6,650,766

Year-to-date FY 2024: $61,906,053

Year-to-date FY 2023: $63,054,522

Note: The City YTD actuals remain over budget by $2,149,133.

MDC

August 2024: $1,598,3800

Year-to-date FY 2024: $15,476,513

Largest annual city collections

Fiscal year 2023: $68.369 million

Fiscal year 2024: $61.906 million*

Fiscal year 2019: $60.304 million

Fiscal year 2022: $58.439 million

*indicates there is one collection left in the fiscal year. 

 Source: City of Midland