Jonesboro sales tax collections catch up in October
by October 24, 2018 6:08 pm 192 views
Earlier this year, city officials in Jonesboro were concerned about the city’s declining sales and use tax numbers. Those concerns may have been premature.
Jonesboro and Craighead County continued a strong run of months under which sales tax numbers increased from the previous year.
Jonesboro has collected $15.148 million in sales and use tax through October, a 1.9% ($282,511) increase as compared to the first 10 months in 2017, according to figures released by the city. About $1.545 million was collected in October alone, a 2.9% uptick when compared to the same month last year.
The projected budget number has been in the negative when compared to actual collections through most of the year, but the figure is virtually even now. The $15.148 million is only .07% below the projection. October collections soared when compared to the projection. The city collected 15.89% ($211,844) more than it anticipated in October, according to budget figures.
Craighead County sales and use tax collections have mirrored its county seat. About $1.744 million was collected by the county, a 3.8% ($64,000) rise from October 2017, according to the Craighead County Treasurer’s Office. To date, $16.817 million has been tallied, a little more than a 1% ($163,000) bump from the previous year.
Jonesboro generated $11.729 million in county sales tax through the first 10 months of the year. It was followed by Bono ($371,596), Lake City ($363,051), and Brookland ($343,347).
Sales tax collection numbers are released 60 days late, meaning these numbers are from August transactions.
The city and county set records in sales tax collections in 2017. Craighead County collected $19.989 million in sales tax, a 3.1% ($616,288) increase from 2016. Jonesboro collected $17.83 million in sales taxes, a 2.91% increase ($504,075) from the previous year.
The county and city also set collection records in 2016. During the last five years Jonesboro’s collections have risen by 16%, and have steadily grown each year.