March 22, 2023

Jonesboro, Craighead County proceed file setting gross sales and use tax collections tempo

Regardless of inflation, provide chain points, rate of interest hikes, and better gas costs, customers proceed to spend file quantities of cash in Jonesboro and Craighead County. The town collected $2.1 million in metropolis gross sales and use taxes in September, a 7.1% ($138,000) enhance as in comparison with the identical month in 2021, in keeping with the data launched by town and the Craighead County Treasurer’s Division.

Every month in 2022 gross sales and use tax collections have outperformed the corresponding months in 2021. For the 12 months, $18.8 million in gross sales and use taxes have been collected, 10.8% ($1.839 million) greater than was collected by way of the primary 9 months of final 12 months.

The September determine is 6.2% ($121,827) above the projected funds for the month. For the 12 months, town’s collections are outpacing projected funds numbers by 8% ($1.385 million).

With three months to go, town is on the verge of setting one other file for collections. In 2021, it collected an all-time file $22.8 million, which means solely $4 million in collections is required to set the file in 2022. It will mark at the very least the seventh consecutive 12 months that the gross sales tax collections file was topped.

It’s the seventh month this 12 months when metropolis gross sales tax collections have topped $2 million. Jonesboro solely had two such months in the course of the first half of 2021, and none earlier to that.

Gross sales tax numbers lag by 60 days which means the numbers launched have been collected two months prior. Economists contemplate gross sales tax collections as a number one financial indicator, one that may present how an area financial system could be anticipated to carry out within the short-term.

See also  Trent Brown named FNBC’s group president in Jonesboro

The collections interval usually cuts off over the last week of the month relying on how the calendar days fall.

Craighead County’s gross sales tax development continued in the course of the month.

It collected $2.409 million, a few 5.9% ($133,388) enhance from the identical month in 2021. For the 12 months, the county has collected $21.582 million in gross sales and use tax, an 18% upswing when in comparison with final 12 months.