Cash registers are buzzing in the city despite the ongoing challenges of a pandemic.
Corinth’s sales tax receipts set a new high bar again in the first month of the new fiscal year. The funds received this month – $547,362.12 – show an increase of 5 percent, or approximately $26,000, from a year earlier. The month’s result reflects sales that occurred in local businesses during the month of August.
Over the previous five years, the month averaged $502,547.12.
The favorable opening month comes after closing fiscal 2019-2020 with a cumulative total of $6.582 million, a 4.5 percent increase from the prior fiscal year. Sales tax collections slowed down for only a couple of months at the onset of the pandemic.
The state is generally seeing a positive trend as well. Eleven out of a dozen Northeast Mississippi municipalities posted gains for the month, and collections across the state rose almost 5 percent.
The 2 percent tourism tax on food and lodging in Corinth, meanwhile, continues to trail prior years’ results. The tax generated $107,880.46 in funds returned to the city at mid-October, reflecting August sales activity, a drop of 9 percent, or approximately $10,800, from a year earlier.
Other sales tax results from the region:
Booneville – $204,278.71 (+27 percent)
Burnsville – $15,496.43 (+4 percent)
Farmington – $6,933.17 (+18 percent)
Glen – $4,746.32 (+24 percent)
Iuka – $86,614.09 (+21 percent)
Kossuth – $3,853.56 (+5 percent)
Rienzi – $3,453.20 (+1 percent)
Ripley – $141,896.72 (+11 percent)
Tishomingo – $14,353.30 (-2 percent)
Tupelo – $1,882,362.31 (+4 percent)
Walnut – $24,179.16 (+13 percent)