Declines posted for Fort Smith sales tax revenue in January report
by March 4, 2020 2:44 pm 503 views
Sales tax revenue for the city of Fort Smith was up in 2019, but began the 2020 reporting year with declines. The January report shows the city’s share of the 1% Sebastian County sales tax was down more than 2% and the 1% tax for city streets was down 0.85%.
The city’s share of the Sebastian County sales tax totaled $1.674 million in the January report, down 0.85% compared to January 2019, and 1.1% below the budget estimate. The city’s share of the countywide tax is important because the revenue provides money for the city’s general fund budget, with much of that budget paying for police, fire and other essential city services.
Fort Smith’s 1% street tax – used for maintenance and new construction on streets, bridges and drainage – generated $2.097 million in the January report, down 2.43% from $2.149 million in January 2019 and 0.71% below the budget estimate.
The January report reflects November transactions.
In 2019, Fort Smith’s share of the 1% Sebastian County sales tax was $17.265 million, up 2.1% over 2018, and up 5.66% over the city’s budget estimate. The 2019 total was $397,183 more than city officials budgeted to spend within the general fund budget. The 1% street tax generated $21.73 million in 2019, up 1.4% over 2018, and up 6.5% over the budget estimate. The 2019 total was $579,260 more than city officials budgeted to spend on the street tax program.
On Tuesday (March 3), state officials reported that gross general revenue collected in February totaled $501.5 million, up 9.2% compared with February 2019 and 1.7% above the forecast. Better than expected payroll tax revenue and auto sales helped push state tax revenue above estimates. Year-to-date gross general tax revenue (July-February) totaled $4.531 billion, up 4.3% from the same period in 2019, and 2% above the budget estimate.
The state’s February report reflects January transactions.
PREVIOUS ANNUAL COLLECTION INFO
Fort Smith 1% sales tax collection for streets
2019: $21.73 million
2018: $21.503 million
2017: $21.204 million
2016: $21.156 million
2015: $20.308 million
Fort Smith portion of 1% countywide sales tax
2019: $17.265 million
2018: $17.043 million
2017: $16.691 million
2016: $16.58 million
2015: $16.09 million