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Fort Smith tax receipts improve in June report

Fort Smith’s June report on tax collections ends a two-month negative trend, with city collections up more than 4% and the city’s portion of a countywide sales tax up almost 7%.

Each of the city’s 1% sales taxes (1% for streets and 1% for water and sewer projects) collected $1.628 million in the June report, up 4.23% from the same period in 2011. The collections were up 4.82% compared to budget estimates. (Because the state of Arkansas has a two-month delay in reporting collections back to the cities, the city of Fort Smith — for budgeting purposes — has historically reflected the collections on a one-month delay. Which is to say, the tax collections remitted to cities in July are from taxes collected in May and transferred by merchants to the state in June.)

For the first six reporting months of the year, each of the city’s 1% sales taxes collected $10.102 million, up 3.91% compared to the 2011 period and 4.5% above budget forecasts.

Collections in 2011 of the two 1% taxes totaled $38.683 million, ahead of the $37.229 million during 2010 and ending a two-year decline in tax collections.

Fort Smith’s share of the county 1% sales tax in the June report is $1.305 million, up 6.95% compared to June 2011. The June report ends three consecutive months of declines for the county tax. The collection was up 6.23% compared to the revenue estimate. For the first six months of 2012, the countywide tax has generated $7.835 million for Fort Smith, up 3.68% compared to 2011 and up 2.98% compared to budget forecasts.

The countywide tax collection is critical because the revenue is a little more than 40% of the city’s general budget of roughly $42 million. A majority of the general fund budget general supports fire, police and other critical city functions.

Property tax revenue collected by the city totaled $3.934 million as of July 12, down 8.75% compared to the same period in 2011.

PREVIOUS ANNUAL COLLECTION INFO
2% sales tax collection (1% for streets; 1% for water/sewer bonds)
2011: $38.683 million
2010: $37.229 million
2009: $37.554 million
2008: $41.226 million
2007: $37.858 million
2006: $36.840 million

Fort Smith portion of 1% countywide sales tax
2011: $15.15 million
2010: $14.89 million
2009: $15.04 million
2008: $16.61 million
2007: $15.15 million
2006: $14.71 million

PROPERTY TAX (ad valorem) REVENUE
2011: $11.458 million
2010: $11.105 million
2009: $10.092 million
2008: $9.381 million

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FRANCHISE FEE REVENUE (with % comparison to previous year)
2011: $6.571 million (1.23%)
2010: $6.492 million (8.37%)
2009: $5.99 million (-18.68%)
2008: $7.366 million (8.97%)
2007: $6.76 million (-8.72%)
2006: $7.406 million (8.38%)

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