Tax receipts up 46 percent in January | Arkansas Blog

Thursday, March 29, 2012

Tax receipts up 46 percent in January

Posted By on Thu, Mar 29, 2012 at 11:40 AM

January's gross sales and use tax receipts came in this week, and they show the impact of the new 5/8th cent that is going to city operations: Collections are 46 percent higher than they were in January 2011. Tax revenues from the 5/8ths cent were $2.1 million.

The new 3/8ths cent for capital expenditures — not included in the comparison because capital taxes were not collected last year — brought in about $1.3 million, for a total of $3.4 million in new sales tax revenues. Money from the 3/8ths cent capital tax goes into a special fund; the remainder goes into the general fund.

The sales taxes were .8 percent higher than the budgeted growth for the month. Even without the 5/8th cent tax, sales receipts were higher than last year, by nearly 2 percent.

(The finance office notes that different months produce different tax receipts, so the figures can't be extrapolated over 12 months to get a projected year's receipts.)

There is a two-month lag time in getting turnback from the state, so January figures are the official receipts for March 2012. Here's the breakdown:

Little Rock’s portion of 1 cent county tax $2,973,086.67
Existing 0.5% $1,684,465.32
New 0.625% for operations $2,112,948.60
New 0.375% for capital $1,263,348.99
State tax turnback $228,962.37

The total: $8,262,793.95

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