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As Edmond continues to grow, so do the myriad amenities to choose from.
A wide variety of shops. A broad range of services. An assortment of facilities and activities. A growing and diverse menu of dining options.
All of it combines to make living in Edmond convenient and desirable.
But what many may not understand is that a variety of attractions and options also help promote something very important.
Simply put: When you spend your money in Edmond, that money stays in Edmond.
“Sales tax is what funds our city,” said Kathy Panas, the City of Edmond Finance Director who oversees the building and managing of the City’s budget. “We do have significant revenue streams from other sources – like our utilities, licenses and permits and other sources – but when it comes to paying for the services and facilities in the City’s general fund budget, sales tax revenue is vital.”
Sales and use tax on goods purchased in Edmond regularly make up nearly 33 percent of the annual City of Edmond budget. That means every time you choose to shop at a local business, dine at a local restaurant or pay for a fun experience here in Edmond, you also are helping pay for the very services and amenities that make Edmond the growing community it is.
Even with the recent voter approval of a temporary .25 percent increase, Edmond’s sales tax rate of 8.5 percent is among the lowest in Oklahoma. Broken down, what it means is for every dollar spent in Edmond 8.5 cents is collected in sales tax.
Not every penny goes to Edmond, however. Only 4 percent of the sales tax returns to Edmond. The other 4.5 percent goes to the State of Oklahoma. But, that 4 cents on every dollar spent within the City of Edmond city limits make up most of the general fund revenues – approximately $64 million in fiscal year 2022 – and how those funds are used is closely monitored and focused exclusively on providing the quality of life residents have come to expect.
Specifically, the sales tax funds that go to the City of Edmond breaks down like this:
“Just like every municipality in Oklahoma, sales tax is a vital piece of the budget equation,” Panas said. “Edmond has a voter-approved sales tax rate that is among the lowest in the state. This sales tax revenue provides essential City services and contributes to the quality of life Edmond residents expect. Just like we think of many of our projects as an investment in our community and its future, shopping local is the way our residents can invest in Edmond as well.”
Learn more about how shopping in Edmond can make a difference