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Sales tax revenue up nearly 20% in four Northwest Arkansas cities

By on October 25, 2021 0

Bentonville, Fayetteville, Rogers and Springdale cumulatively reported $ 8.095 million in sales tax revenue in the October report, up 19.5% from $ 6.771 million a year ago and 6.92 million. million dollars in the pre-COVID year of 2019.

The revenue comes from the local sales tax collected by cities on sales of goods and services rendered in August, creating a two-month lag in local data. This ratio reflects the 1% local sales tax that each of the cities collects and puts into their municipal budgets. Gains of nearly 20% were a record for the region for this reporting month, with normal gains over the past several decades varying between 5% and 8%.

Bentonville reported revenue of $ 1.869 million, up 30.45% from the same period last year and 7.38% better than in 2019. Year-to-date to date As of the October report, Bentonville sales tax revenue was $ 17.636 million, up 30% from the same period last year. .

Rogers saw sales tax revenues jump 24.85%. The city reported sales tax revenue of $ 2.093 million, a gain of $ 417,000 from the same month last year. Rogers’ October sales tax reported in 2019 was $ 1.753 million. In the October report, Rogers sales tax revenue totaled $ 19.563 million, up from $ 16.991 million a year ago. Revenue growth exceeded $ 2.5 million more than a year ago.

Springdale reported a 15.88% gain in sales tax revenue. Revenues totaled $ 1.717 million, more than $ 300,000 more than the same month last year or the previous year. As of October, Springdale reported revenue of $ 15.869 million, up from $ 14.151 million in the same period of 2020 and $ 13.025 million in 2019.

Fayetteville also reported double-digit percentage gains in sales tax revenue. At $ 2.414 million, the city’s sales tax revenue rose 10.82% from the same period a year earlier. In the October report, Fayetteville’s sales tax revenue totaled $ 22.3 million, up 14.74% from the period last year. Revenue is also up 19% from a certain period in 2019.

Retail sales reported in September surprised economists. The US Department of Commerce reported retail sales of $ 625.4 billion in September, up 0.7% from August and 13.9% year-on-year. Total retail sales from July to September increased 14.9% from the same period a year ago.

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