Statement of Changes in Fiduciary Net Position – Fiduciary Funds

CITY OF EDMOND, OKLAHOMA MANAGEMENT’S DISCUSSION & ANALYSIS June 30, 2021

Use Tax:

Use tax collections for FY 20-21 were strong, ending the fiscal year at an overall net increase of 24.63% over the prior year. YTD collections (through November 2021) for FY 21-22 are up from FY 20-21 by 14.78%.

Combined Sales and Use Tax:

Combined sales and use tax for FY 20-21 ended with total collections of $53,383,974 which was an overall net increase of 10.52% over the prior year. YTD combined collections (through November 2021) for FY 21-22 are up from FY 20-21 by 9.09%.

CITY OF EDMOND, OKLAHOMA MANAGEMENT’S DISCUSSION & ANALYSIS June 30, 2021

City of Edmond’s FY 21-22 Budget

The City’s FY 21-22 direct cost budget is $364,637,696, an increase of $43,566,925 or 13.57% from FY 20-21. The increase is primarily due to recovery from and return to more normal economic activity after the COVID-19 pandemic.

Budget historical highlights:

Three sales taxes were approved by voters in 2000. They included designated sales tax to Public Safety and capital projects. The Fire Department receives a quarter-cent tax, the Police department receives a oneeighth-cent tax and capital improvements receive a three-quarter-cent tax. The net result is almost twothirds of the General Fund revenue is automatically allocated to fire and police operations.

Edmond total sales tax rate remains at 8.25%. This rate is comprised of 3.75% local tax and 4.5% state tax. Of the four largest cities in the Oklahoma City metro area, Edmond has the lowest combined sales tax rate. In November of 2021, voters approved a temporary 0.25% sales tax to purchase land adjacent to and south of Hafer Park. This temporary sales tax will be effective January 1, 2022 through December 31, 2022. During that period, the Edmond total sales tax rate will be 8.50%.