Edmond city manager Larry Stevens said last week the city is seeing 4.3% growth in sales tax collections so far in fiscal 2011 after several years of growth rates between 7% and 10%.
Sales tax revenue in fiscal 2010 was 8.9% below expectations, Stevens said last week at the City Council’s first budget hearing for fiscal 2012.
The era of annual revenue increases in the 7% to 10% range is over, he declared.
“The reality is we need to be ready to have less city money to spend,” Stevens told councilors. “It is a new economic reality. We have to adjust.”
Finance director Ross VanderHamm said the Oklahoma City suburb collected $67.9 million of municipal sales tax, permits, grants, and fines during fiscal 2010.
Expenditures were $67 million in fiscal 2010, VanderHamm said, down from $72.7 million in fiscal 2009.
Edmond councilors will receive the proposed budget for fiscal 2012 in late April. A vote is set for June 13.