Sales tax revenue continues to climb

Siloam Springs sales tax receipts continued their double digit increase streak for the fourth month in a row in October.

The city received $755,116 in sales tax receipts in October 2020, up $72,710 or 10.65 percent from October 2019, according to the November issue of “City & Town” magazine. The receipts represent sales made in August.

So far this year, sales tax receipts have been up a cumulative total 14 percent, city finance director Christina Petriches reported at the Nov. 17 city board meeting.

Sales tax receipts for September, representing sales made in July, were up 10.45 percent; sales tax receipts for August, representing sales made in June, were up 20.69 percent; and sales tax receipts for July, representing sales made in May, were up 20.56 percent, according to “City & Town.” Sales tax receipts were

also up double digits in February, March, April and May.

Sales tax receipts are one of the factors city officials watch to gauge the health of the local economy along with other factors such as construction permits and new jobs, City Administrator Phillip Patterson said in August.

County sales tax receipts for Siloam Springs were up $6,275 or 1.8 percent, to $348,874 in October.

City sales tax receipts are used for utility infrastructure, repayment of wastewater treatment plant bonds, the city’s general fund, public safety and the street department.

A share of county sales tax receipts pays on two water utility infrastructure bonds.

Other local cities that saw an increase in sales tax receipts included:

• Eureka Springs, up $11,285 or 4.2 percent to $279,943

• Fayetteville, up $326,789 or 8.1 percent to $4.36 million

• Gentry, up $21,008 or 20.9 percent to $121,135

• Lincoln, up $123 or .02 percent to $48,354

• Springdale, up $126,384 or 4.45 percent to $2.96 million.

Cities that saw a decrease in sales tax receipts included:

• Bentonville, down $596,928 or 17 percent to $2.87 million

• Rogers, down $153,744 or 4.4 percent to $3.35 million.