MAPS 4 collections start, volunteers needed for project subcommittees
It’s been more than five months since Oklahoma City residents invested in themselves again and approved the fourth round of the Metropolitan Area Projects. On April 1, the City started collecting the funds for 16 projects in MAPS 4.
Due to the coronoavirus pandemic, City sales tax collections are expected to be lower than projected. But Mayor David Holt said he’s optimistic about the future of MAPS 4.
“MAPS 4 is a 96-month tax. So, look at this way – if we had one month where sales tax collections fell 20% below expectations that is a major challenge for our ongoing day-to-day services. But for MAPS 4's budget, that would mean that total collections are theoretically only down about one-fifth of 1%,” said Holt. “And I say ‘theoretically’ because in reality, our estimate that we would raise $978 million over eight years assumed a recession or two. Our folks expected there to be a bad month, or actually, quite a few bad months. There will be many economic chapters in the life of MAPS 4, and it will almost surely balance out in the end.”
This isn’t the first time that a MAPS initiative has started during a economic crisis. MAPS 3 was approved during the Great Recession and collections started in 2010. Thanks to the city’s earlier shrewd forecasting and careful investments, the initiative ended with $33 million in uncommitted collections that must be used on capital improvement projects.
Read the full story on VeloCityOKC.com.