Craighead County Sales Tax Up Big In December
by January 5, 2015 7:43 pm 97 views
A busier than expected December helped to push Craighead County’s coffers into the black for the year.
The county had nearly an overall 3% increase in sales tax revenue for 2014, Craighead County officials said Monday (Jan. 5).
The county saw a 10.19% increase in December over the same time period in 2013, picking up $1,484,632.79. It was the flip side of a 3.78% decrease in 2013, compared to 2012 figures.
“We have seen a steady stream. But it has been nothing drastic,” Craighead County Treasurer Terry McNatt said of the overall 2014 numbers.
The county’s one-cent sales tax brought $17.57 million in revenue last year, bringing in about $459,000 more than in 2013.
The first three months of 2014 saw drops, in part due to bad weather in January and February. The numbers began to rebound in the spring and early summer, with the county seeing a nine percent increase in July and positive numbers continuing for the remainder of the year.
McNatt said while he had no specific data as to why the increases have happened, he said gas prices may be playing a role.
“Fuel is at $1.91 here in Jonesboro. It may be mental but also financial,” McNatt said, noting the lower costs may be determining discretionary spending among people.
The price of gas has gone down in recent weeks in Northeast Arkansas.
According to numbers released Monday, the county has seen five consecutive years of growth in sales tax revenues after having a 6.5% decrease in 2009.
The increases were in contrast to state figures released Monday morning.
The state Department of Finance and Administration said the state sales tax in December brought in $188.4 million – up $1.9 million, compared to the last reporting period.
The state sales tax has brought in $1.110 billion since July, up $9.4 million, DFA reported.
The state’s fiscal year is based on a July 1-June 30 schedule, while cities and counties have a fiscal year based on a calendar year.