Finance

Northeast Arkansas continues document tax assortment streak

Northeast Arkansas’ hub metropolis and its dwelling county are experiencing the longest gross sales tax and use development sample in historical past.

Jonesboro collected $1.413 million in gross sales and use taxes through the month of April, a 10.15% ($130,218) improve from 2018, in response to numbers launched by town. By way of the primary 4 months of the 12 months, town has collected $6.406 million, a 7.66% uptick from the primary 4 months of 2018.

When in comparison with the budgeted quantity for April, the numbers are barely down, however stay on a document tempo for the 12 months. Metropolis lawmakers had an anticipated gross sales and use tax haul of $1.493 million, that means the price range projection for the month is down 5.33% ($79,611) for the month. The town has collected $258,448 greater than budgeted for the reason that starting of the 12 months, a 4.2% improve.

Craighead County has skilled related gross sales and use tax development. Essentially the most populous county in Northeast Arkansas collected $1.559 million in taxes throughout April, a 7.67% ($111,000) improve from the identical month in 2018, in response to the Craighead County Treasurer’s Workplace. For the 12 months, the county has collected about $7 million, a 7.3% ($483,000) improve from the identical interval in 2018.

Gross sales and use tax collections have a 60-day lag time, that means the numbers in March symbolize taxes collected on gross sales in January, which is often the best assortment month of the 12 months for town. Jonesboro serves as a hub in Northeast Arkansas drawing shoppers from many outlying counties.

Civic leaders, economists, and others have competing theories as to why Northeast Arkansas has skilled constant financial development over the last 4 many years. The area’s various jobs base – agriculture, meals processing, well being and medical, Arkansas State College, {and professional} providers – have had an insulating impact, however financial positive aspects are additionally tied to inhabitants development.

For the reason that early 1970s, Jonesboro has grown by about 3% every year, in response to the U.S. Census Bureau. As of 2016, town had about 76,000 residents. Jonesboro was the fifth largest metropolis in Arkansas based mostly on inhabitants within the 2010 census. The town is the second largest by way of geographic measurement, trailing solely Little Rock.

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