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Sales tax revenue on the rise
by Jebb Johnston
May 16, 2014 | 60 views | 0 0 comments | 8 8 recommendations | email to a friend | print
The mid-May sales tax deposit into the city coffers of Corinth continued an upward trend.

Reflecting sales made in local establishments during the month of March, the latest deposit is $517,472.12, rising 6 percent, or about $30,000, from the same month a year earlier. Collections across the state for the month rose 3 percent, while results split across neighboring northeast Mississippi cities, with six gains and five decreases.

Corinth’s year-to-date sales tax total is $3.796 million, a 4 percent increase from a year ago. Four more deposits will go on the books in the current fiscal year.

Cities receive 18.5 percent of sales tax collected within their boundaries, and those funds make up the majority of the city’s operating revenue.

The 2 percent tourism tax generated $103,753.10 for the month, a gain of almost 2 percent, or about $1,800. For the fiscal year, the tax has yielded $732,148.65, an increase of a little over 2 percent in collections on prepared food and lodging in Corinth.

Other sales tax results from the region (percentages rounded):

• Booneville - $157,158.75 (+2%)

• Burnsville - $11,222.21 (-7%)

• Farmington - $2,870.41 (-23%)

• Glen - $2,289.26 (+24%)

• Iuka - $66,391.27 (+6%)

• Kossuth - $3,920.81 (-13%)

• Rienzi - $4,063.62 (-7%)

• Ripley - $108,974.63 (+1%)

• Tupelo - $1,625,258.11 (+4%)

• Walnut - $18,018.55 (-5%)
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