Senatobia sales tax receipts dropped slightly in March, snapping the city’s streak of consecutive months with increased revenue at 13.
Sales tax collections remain strong in Coldwater, however, as the town continues to post revenue gains above what it gathered the previous fiscal year.
Senatobia revenue decreased 0.9 percent in March from $186,665 in 2020 to $185,053 this year, but the city is ahead overall for the fiscal year at 9.5 percent by amassing $1,895,545, compared to $1,716,630 over the first nine months of 2020.
Senatobia sales tax receipts were up 13.2 percent in February, 16 percent in January, four percent in December, 9.6 percent in November, 9.2 in October and 10.4 in September.
Statewide sales tax collections are based on a three-month cycle. Checks disbursed by the Mississippi Department of Revenue in March were from sales made in January and taxes paid to the state in February. State and municipality budgets depend primarily on sales tax revenue. All municipalities in the state receive a portion of the sales tax collected within their corporate limits.
Coldwater has seen a consistent boost in its economy lately. The town amassed $20,274 in revenue in March, compared to $17,619 in March of 2020 for an increase of 13.1 percent.
Coldwater is ahead 10 percent in sales tax collections during the first nine months of the fiscal year by gathering $193,691. The town generated $174,442 in revenue over the first nine months of fiscal year 2020.
Statewide sales tax diversions divided among Mississippi municipalities in March of 2021 totaled $34,910,325, compared to $34,249,956 in March of 2020 for an increase of 1.9 percent.