The deposits made this week will be the last of the fiscal year for both taxes. After four consecutive months of negative growth, sales tax proceeds rose for each of the last three months. The current deposit, $450,176.25, is up 4.5 percent, or almost $20,000, from the year-ago level, giving the tax a total for fiscal 2013 of $5,536,961.34, up 1 percent from the prior fiscal year.
Sales tax has struggled to gain momentum in recent years. Fiscal 2012 ended with an increase of 2.6 percent; fiscal 2011 ended with an increase of a quarter of 1 percent; and fiscal 2010 had negative growth of almost 3 percent.
The city budget for fiscal 2014 anticipates the generally flat trend will continue.
Collections across the state rose 6 percent during the latest month, and that trend was reflected in the region, with eight of 11 area municipalities posting gains. The month’s results reflect sales activity that occurred in local businesses during the month of July.
The 2 percent tourism tax on prepared food and lodging had a modest 1 percent gain for the month with a total of $94,003.72. It is the 11th consecutive monthly increase for the tax, which ends the fiscal year with another record high of $1.109 million, up almost 5 percent from the prior year.
The tourism tax has generated more than $1 million for each of the last three years.
With the continued increase, the tourism office will see an increase in its monthly allotment of tourism funds from $42,000 to $45,000 in the new fiscal year beginning Oct. 1.
Other sales tax results from the region for the current round of diversions from the Mississippi Department of Revenue (percentages rounded):
• Booneville - $142,615.40 (+1%)
• Burnsville - $11,147 (+1%)
• Farmington - $4,008.62 (-4%)
• Glen - $1,762.28 (+2%)
• Iuka - $67,930.43 (-7%)
• Kossuth - $3,395.40 (+2%)
• Ripley - $96,549.60 (-4%)
• Tupelo - $1,435,565.15 (+1%)
• Walnut - $16,284.67 (+4%)