Jonesboro sales tax collections near all-time record
Despite a prolonged national recession, higher than usual jobless numbers, and the still raging COVID-19 pandemic, the sales tax growth in Jonesboro and Craighead County remains robust.
The city and county are on the verge of setting all-time collections records in 2020. It’s the culmination of nearly a decade-long sales tax collections influx.
During October, the city collected $1.673 million in sales and use tax, a 2.4% ($39,520) increase from the same month in 2019, according to the city. For the year, the city has tallied $16.644 million in sales and use tax, a 4.7% ($750,765) uptick from the previous year.
When compared to the budgeted totals, the figures are slightly down for the year, but ahead of what city leaders projected. It’s estimated the city is 3.1% ahead of its budget projection for 2020.
Sales and use tax calculations are tabulated 60 days behind, meaning the collections numbers released in October are actually from August.
The sales and use collections from the county had a similar pattern. Craighead County collected $1.983 million in county sales and use tax in October, a 6% ($95,000) increase from the same month last year. For the year, the county has collected $18.836 million, a 5.4% increase from 2019.