How is the 3% sales tax revenue allocated within the City's budget?
Of the three cent tax, two cents are allocated to the General Fund. The remaining one cent is divided among Capital Improvement, Street Improvement, Economic Development, Police and Fire.
What is the sales tax rate for the City of Shawnee?
The sales tax rate for the City of Shawnee is 8.995% on each dollar. The State of Oklahoma receives 4.5%, the City of Shawnee receives 3% and Pottawatomie County receives the remaining 1.495%. This means three cents of every dollar spent in Shawnee provides funds for operation of the city.
What type of Accounting Structure does the City use?
The City of Shawnee uses a Fund Accounting structure. This is standard for Municipalities in Oklahoma and around the country. Funds are 'segregated self-balancing set of accounts for recording assets, revenues, liabilities, and expenses for a specific activity' that allow tracking of assets, liabilities, revenues and expenditures or expense for key areas of City operation.
What type of Fiscal Year does the City operate around?
The City of Shawnee uses a standard Fiscal Year of July 1 to June 30. This is the most common fiscal year for Oklahoma Cities although some have chosen to match the calendar year.