NWA sales tax revenue up almost 13% in September report
by October 23, 2023 5:07 pm 512 views
Sales tax revenue among the four largest cities in Benton and Washington counties rose to $10.175 million, up 12.8% from the year-ago period. The sales tax figures were from revenue remitted to Bentonville, Fayetteville, Rogers and Springdale in October.
Three of the four cities witnessed tax revenue growth slow in recent months, and Springdale and Fayetteville each had lower revenue year-over-year, according to the report.
The cumulative revenue was skewed higher by a 48.19% gain reported by Bentonville and a much better than expected 18.68% increase reported by Rogers. The September revenue relates to sales made in August.
Bentonville’s September revenue grew 48.19% to $2.328 million. Mayor Stephanie Orman said the city is growing at a robust rate, but she also expects the city will see a large rebate in the coming months to offset some of this year’s gains. Through September, the city’s sales tax revenue stands at $24.256 million, which is more than neighboring Rogers or Springdale and nearly as much as Fayetteville. Bentonville’s year-to-date revenue growth is 23.05%, nearly three times the growth rate from a year ago.
Rogers’ revenue grew to $2.838 million, up 18.68% against the 10.21% gains reported a year ago. According to the latest report, Rogers’ sales tax revenue totaled $24.138 million, up 10% from the same period last year. The city is already close to its annual goal of $24.9 million.
Springdale has seen its sales tax revenue decline in recent months after a solid start. Mayor Doug Sprouse predicted the decline earlier this year. He said economic uncertainty tends to challenge his community more than others. For the month, Springdale’s revenue was $2.068 million, down 4.17%. Total revenue year-to-date was $19.908 million, up 4.46%, which is below the city’s 7% growth target.
Fayetteville has also seen sales tax revenue slow in recent months. At $2.73 million, the city’s sales tax revenue declined 2.5% from a year ago. The comparative month saw gains of 16.1% last year. Mayor Lioneld Jordan said new rooftops lead to more retail sales over time. Year-to-date revenue was $26.417 million, up 7% from a year ago. Jordan said that’s good enough, given the uncertainty in the overall economy.