March 23, 2023

Jonesboro crushes all-time gross sales and use tax collections file with a month to go

There’s nonetheless one month to go in 2022 and town of Jonesboro has already smashed its gross sales and use tax collections file for at the very least the seventh 12 months in a row. Town has collected $23.1 million by way of November, about $290,000 greater than was collected in all of 2021.

To this point, Jonesboro’s collections are up 10.6% this 12 months. When in comparison with projected funds totals, collections are up 8% in 2022.

The month of November continued a development of record-setting months in the course of the 12 months. Practically $2.122 million was collected in the course of the month, an 8.3% ($163,000) improve from the identical month in 2021. November’s collections had been 6.8% above the funds projection.

It’s the ninth month this 12 months wherein town has topped $2 million or extra in gross sales and use tax collections. Town solely had three such months in its historical past coming into this 12 months.

Gross sales tax numbers lag by 60 days that means the numbers launched had been collected two months prior. Economists contemplate 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.

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

Craighead County has nearly tied its all-time file for gross sales and use tax collections by way of the month of November. For the 12 months, the county has collected $26.044 million. At this level in 2021, the county collected $26.086 million.

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In the course of the month of November, the county collected $2.45 million, an 8.8% ($193,751) improve from the identical month final 12 months.