Sales tax collections continue to get further into the black.
With the final sales tax diversion of the fiscal year now in hand, it was another banner year, with sales tax revenue topping the $7 million mark for the first time, at $7.12 million. The total rose by 8.2 percent, or about $538,000, versus the prior fiscal year.
The final deposit of the fiscal year, received this week, was another big one, setting a new high mark for the month at $607,714.75, reflecting sales activity that happened in July. It’s the first time the month has topped $600,000 and is up 8.7 percent, or about $49,000, from a year ago.
A surge in sales tax was one reason city leaders were comfortable giving employee pay raises this year during the recent budget process. Collections have soared during the pandemic and with the distribution of economic stimulus payments. City Clerk Vickie Roach budgeted conservatively on sales tax for the coming fiscal year, but the city is hopeful that future businesses like Checkers and Chick-fil-A will keep the trend going.
The latest month was a booming one across the state, as well. Ten of a dozen area municipalities posted gains for the month – Farmington and Rienzi were the exceptions – and collections statewide rose a whopping 13 percent.
Restaurants had a big month, also, as reflected in a 19 percent spike for the 2 percent tourism tax in the city. The tax generated $139,757, also reflecting July sales, with an increase of more than $22,000. Special taxes were also well into the black across the state, collectively rising 31 percent from a year ago.
Other sales tax results from the region:
n Booneville – $196,276.86 (+3 percent)
n Burnsville – $16,471.05 (+9 percent)
n Farmington – $4,767.45 (-17 percent)
n Glen – $5,149.06 (+10 percent)
n Iuka – $99,244.02 (+15 percent)
n Kossuth – $4,175.61 (+9 percent)
n Rienzi – $3,416.71 (-5 percent)
n Ripley – $147,024.79 (+3 percent)
n Tishomingo – $20,659.63 (+24 percent)
n Tupelo – $2,119,861.35 (+14 percent)
n Walnut – $30,132.64 (+7 percent)