August sales tax funds increase by 1.8 percent

Posted 8/14/13

The City of Quitman’s August sales tax allocation is $45,609.57. When compared to the $44,805.90 from the same period last year, it indicates a 1.8 percent increase.

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August sales tax funds increase by 1.8 percent

Posted

The City of Quitman's August sales tax allocation is $45,609.57. When compared to the $44,805.90 from the same period last year, it indicates a 1.8 percent increase.

This is the third-highest allocation of the current period, coming in behind the numbers from 2008 ($48.5K) and 2000 ($50.5K), according to City Administrator/ Secretary Mike Hall.

The allocation is a result of the taxes collected from sales in the city that occurred two or more months ago. The state Comptroller sends the tax money back to the city after it has been collected and accounted for, according to the department's website.

For the most recent 12-month period, the total allocation amount was $492,724.42. When compared to the previous 12-month period, in which $463,815.37 was collected, the numbers indicate an increase of about 6.23 percent, or $28,909.05, Hall said.

"Although we still anticipate retraction from the previous 12 months of extreme development and growth, this continues the record 12-month average allocations over $490K seen in the past several months," Hall said.

Sales tax allocations previously peaked in July of 2008 with a 12-month total of about $481,000.

Hall said he predicted that the next 12-month allocation amount would total about $472,000, depending on new business development and expansion of the tax base.