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The City of Edmond budget for fiscal year 2022-2023 has been approved by the Edmond City Council. The new fiscal year begins in July 2022 and runs to the end of June 2023.
The City of Edmond has several revenue sources. Those include sales & use taxes, intergovernmental grants, licenses and permits, fines and forfeitures, charges for services, interest, and various miscellaneous sources – but Edmond does NOT receive revenue from property taxes.
Like all municipal governments in Oklahoma, Edmond relies heavily on sales tax revenue. Sales taxes are taxes collected on anything purchased within Edmond’s City limits, while use taxes are the taxes collected for online purchases. For the coming fiscal year, the City budget projects a 3% growth in sales tax revenues and a 5% growth in use tax.
The Finance Department estimates the City will receive around $101 Million in tax revenue. That money is allocated for different departments and various funds.
One challenge for the new fiscal year is rising costs for goods and materials, specifically the increase in fuel prices and construction costs.
To learn more about the City’s budgeting process and specifics about the 2022-2023 budget, visit [ Ссылка ].
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