Northwest Arkansas sales tax up 4.42% in January report
by January 23, 2024 7:20 pm 693 views
The four largest Northwest Arkansas cities reported cumulative sales tax of $9.21 million in their January report. Bentonville had the best start in calendar 2024 reporting November sales tax gains of 13.53% with revenue of $2.158 million.
Bentonville has reported double-digit gains throughout 2023. But, the growth does appear to be slowing a bit with the 13.53% gains reported in January being about half of the reported growth in the December report and far less than most of the gains reported last year.
Springdale had sales tax revenue of $2.035 million for the month, up 5.65% from a year ago. The positive start to the calendar year 2024 reversed flat-to-down results in the back half of last year. Mayor Doug Sprouse told Talk Business & Politics the city budgeted for 2% growth in 2024 given the slowdown in recent months. He was excited to see the 5.65% start adding that the conservative outlook does not factor in any growth from several large projects slated to open this year.
“We have a solid tax base supported by our steady population just covering their everyday needs. We also benefit from more online purchases and businesses that open here giving our residents more opportunities to shop and eat locally. We remain pretty positive about this year and our fiscal position is sound,” Sprouse said.
Rogers reported sales tax revenue of $2.337 million, down 0.18%. The city is a center for retail with a major shopping district and two entertainment districts on each side of town. City leaders budgeted for a 12.8% growth in sales tax this year, up from the 8% budgeted in calendar 2023.
Fayetteville reported sales tax revenue growth of 1.08% from November sales. The report pegged revenue at $2.679 million. Like the other cities, Fayetteville also saw its sales tax revenue growth decline in the back half of 2023. Mayor Lionel Jordan said the city is in strong fiscal shape and expects slow but a steady increase in revenue during the year so long as the overall economy remains steadfast and avoids recession.