Sales tax collections dip
Oklahoma City’s combined sales tax collections were 5 percent below target for the year in March.
“The thing that has had the biggest impact [in declining sales tax] is income levels are down a bit in the metro area,” said Doug Dowler, the city’s budget director.
A response with major spending cuts isn’t on the table yet, as Dowler said the city’s unbudgeted reserve fund, along with increased revenue in other places, should be enough to weather the decline.
Cornett speaks in DC
Oklahoma
City Mayor Mick Cornett addressed the U.S. Senate Committee on
Environment and Public Works on March 27. He spoke about the
relationship between cities, states and the federal government on
transportation projects. He was one of two mayors to address the
committee, which is working on the reauthorization of a transportation
funding bill.
Council moves toward TIF district
The
Oklahoma City Council voted last week to move forward on the possible
creation of a tax increment financing (TIF) district that will use sales
tax revenue to assist private development along NE 23rd Street.
A proposal includes a $20 million mixed-use development anchored by a new Buy For Less grocery store.
The
council’s unanimous vote will create a review committee that will
present a detailed plan to the city council. A designation of blight
will be needed from the council in order to establish a TIF district
that will use sales tax revenue to assist private development.