Fort Smith sales tax revenue up slightly for June, year-to-date

Fort Smith revenues saw slight gains for June on city and county sales tax sides, according to Fort Smith Finance Director Jennifer Walker.

In a Tuesday (July 25) memo to Mayor Sandy Sanders, city administration, and the city’s Board of Directors, Walker noted that sales tax trends “appear to be holding steady at approximately 2% over budgeted amounts and previous year actuals with some variance month-to-month.”

City sales tax revenue for June 2017 was $3.524 million, or 2.2% more than last June’s performance of $3.504 million and 0.6% above budget for the month. To date, city sales tax revenue is $21.472 million, or 2.2% above last year’s $21.002 million and 2.2% above budget (roughly $368,863 above budget across street, bond, and park/fire departments).

From the overall total, the city’s streets program received the majority share at $10.736 million through the June report while the 2012 bond series accounted for $8.052 million and the 1/4-cent sales tax split evenly between parks and fire departments received $2.684 million.

The June report reflects tax revenue on transactions in April.

The city’s share of the county sales tax for June was $1.395 million, or 0.65% more than last June’s $1.386 million. To date, the city’s share of county is $8.447 million — 2.82% above last year’s $8.215 million and 2.1% above budget. Total revenue to date is $175,436 more than the budget estimate.

The city of Fort Smith receives 3.25% of the area’s 9.75% sales tax. From that figure, 2% is a city sales tax divvied up between the streets, drainage, and bridges program (1%), collections for bond issues (0.75%), and fire and parks (0.25%, evenly split between the two). The state receives the remaining 6.5%. Adding all receipts — city and city’s share of county — results in $4.919 million of revenue for the month of June and $29.919 million year-to-date — gains of 0.6% and 2.4%, respectively.

PREVIOUS ANNUAL SALES TAX COLLECTION INFO
Fort Smith 2% sales tax collection (1% for streets; 0.75% for 2012 water/sewer bonds; 0.25% for fire and parks)
2016: $42.313 million (With 50% of the reporting year complete, total revenue is at 50.75% of last year’s total)
2015: $40.76 million
2014: $40.198 million
2013: $38.938 million
2012: $39.21 million
2011: $38.683 million
2010: $37.229 million
2009: $37.554 million
2008: $41.226 million
2007: $37.858 million
2006: $36.84 million

Fort Smith portion of 1% countywide sales tax
2016: $16.58 million (With 50% of the reporting year complete, total revenue is at 50.95% of last year’s total)
2015: $16.09 million
2014: $15.625 million
2013: $15.353 million
2012: $15.279 million
2011: $15.15 million
2010: $14.89 million
2009: $15.04 million
2008: $16.61 million
2007: $15.15 million
2006: $14.71 million