Siloam Springs city sales tax receipts for last month showed a decrease of $209,488.32 when compared to the same month last year.
Sales tax revenue for October 2018 totaled $445,844.11, while in October 2017 this figure was $655,332.43, reflecting a 32 percent decrease, according to the November issue of City & Town magazine. Siloam Springs has a total sales tax rate of 9.5 percent, and the sales tax revenue it directly receives has typically come from 2 percent of this.
The reason for the decrease is due to the discontinuation of the 5/8th cent sales tax in July, meaning that it only collected 13/8 percent last month; this is also the reason for the 23 percent decrease seen in September's 2018 sales tax receipts.
The tax will be reinstated in December, at which time year-over-year comparisons of the city's income tax revenue should return to normal levels, said City Finance Director Christina Petriches. As for county sales tax revenue, Siloam Springs saw an increase of $31,026.91 or 12.1 percent, from $257,266.95 in October 2017 to 288,293.86 in October 2018.
For comparison, the sales tax revenues of some other cities in the Northwest Arkansas region are listed below.
• Bentonville -- Up $322,350.50, from $1,966,073.88 in October 2017 to $2,288,424.38 in October 2018.
• Eureka Springs -- Up $26,833.86, from $218,427.68 in October 2017 to $245,261.54 in October 2018.
• Fayetteville -- Up $183,797.16, from $3,683,569.63 in October 2017 to $3,867,366.79 in October 2018.
• Gentry -- Up $11,182.39, from $51,179.63 in October 2017 to $62,362.02 in October 2018.
• Lincoln -- Up $6,569.77, from $44,506.13 in October 2017 to $51,705.90 in October 2018.
• Rogers -- Up $339,142.38, from $2,950,508.36 in October 2017 to $3,289,650.74 in October 2018.
• Springdale -- Up $253,537.37, from $2,355,399.86 in October 2017 to $2,608,937.23 in October 2018.
General News on 11/14/2018