BARTLESVILLE, Okla. - Bartlesville is showing continued growth in retail spending, August sales tax collections indicate.
This month, the city received nearly $1.39 million in sales tax revenue from the state for sales occurring mostly in the last half of June and estimated sales for the first half of July.
According to City of Bartlesville Finance Director Mike Bailey, this more than 7 percent increase in collections year over year is important for the city's employees and citizens as it supports almost 75 percent of the city's general fund.
This fund, he said, provides for fire, police, streets, parks and almost all non-utility related local government services.
“At its lowest point during the recent recession, sales tax had fallen over a million dollars,” said Bailey. “The slow recovery that has occurred over the last two years has pulled sales tax revenues even with the pre-recession high in actual dollars, but we are still well short in terms of buying power due to the effect of inflation.”
Optimistically, the city will regain its buying power equal to pre-recession levels in three years, however, said Bailey, under more realistic expectations, it will take nearly six years.
“All of these scenarios assume that the national economy will not slip back into recession.”
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
It's not a party, but it is worth celebrating. A group of young people working together to help those in need in Bartlesville.