March 27, 2023

File gross sales tax progress continues in Jonesboro however budgeted revenues are down

The town of Jonesboro crushed its all-time month-to-month gross sales and use tax assortment document in February. The town collected $2.635 million, an 8.8% ($212,546) uptick in comparison with the earlier excessive of $2.4 million collected in the identical month in 2022, in line with information launched by town.

It marks the second consecutive month in 2023 that collections have been up. For the 12 months, town has tallied $4.769 million in gross sales and use tax receipts, a 6.8% ($305,000) enhance from the primary two months of final 12 months.

When in comparison with the projected finances, nevertheless, the figures are down. The town beat finances estimates by 0.2% ($5,023) however for the 12 months, the budgeted numbers are down 1% ($46,868).

Gross sales tax figures lag by 60 days that means the numbers launched had been collected two months prior. Economists take into account gross sales tax collections as a number one financial indicator, one that may present how an area economic system might be anticipated to carry out within the short-term.

Northeast Arkansas’ hub metropolis has a diversified workforce that has helped it to resist nationwide financial downturns in current a long time, in line with officers. That numerous mixture of jobs embrace healthcare, manufacturing, authorities, retail, agriculture and others. The town is also a hub for these in surrounding counties looking for healthcare, and Arkansas State College is the area’s largest college and employer.

Craighead County practically had its first month during which it collected greater than $3 million, however it fell brief. The county collected $2.947 million, an 8.5% ($232,000) uptick from the identical month final 12 months. Final month’s collections are probably the most ever for the county.

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