The City of Midland’s sales tax revenues fell slightly in June from a year ago, but revenues for the fiscal year are on track to exceed budget and surpass the previous record.

In total, the city collected $6,393,522 in June 2024, a press release said. That’s about 4% less than the $6,650,766 collected in June 2023. However, for the fiscal year, total revenues are $61,906,053 million, $2,149,133 more than the budget estimate and already the second-highest revenue in city history.

Which year holds the record? That would be 2023 – for now:

There is one month left for revenue this fiscal year. However, sales tax revenue reports and reporting months do not align with the city’s fiscal year, which can cause confusion.

The Texas Auditor reports sales tax revenues about two months late, so June’s revenues weren’t reported until mid-August. July’s revenues are reported in mid-September, the last month of the city’s fiscal year, which ends September 30. The new fiscal year begins October 1.

The Midland Development Corp., better known as MDC, collected $1,598,380 in sales tax in June, bringing the total for the fiscal year to $15,476,513, the city said.

The city’s sales tax is 8.25%, the maximum rate allowed by the State of Texas. Half a cent is split between the Type A sales tax, which funds the MDC, and the Type B sales tax, which benefits Midland Memorial Hospital. It is broken down as follows: