Sales tax collections remained strong for Senatobia in May, while Coldwater revenue dipped slightly, according to statistics from the Mississippi Department of Revenue.
MDOR data shows Senatobia sales tax collections were up 3.5% in May, compared to the previous year’s numbers. The city collected $247,943 in May 2023 after amassing $239,404 in May 2022. Senatobia is ahead 7.5% in overall revenue during the first 11 months of the current fiscal year which began last July.
Statewide sales tax collections are based on a three-month cycle. Checks disbursed in May by MDOR were from sales made in March and taxes paid to the state in April. Sales tax is collected on local purchases and submitted monthly to MDOR before it is paid to cities. Sales tax receipts paid to cities are a direct result of money spent by consumers in those municipalities.
Coldwater revenue decreased in May after a 9.5% gain in April. The town collected $30,128 in May 2023, compared to $32,646 in May 2022 for a decrease of 7.8%.
Coldwater remains well ahead of the previous year’s collections with one month remaining in the fiscal year. Coldwater has amassed $361,680 in 2023, an increase of 13.9% above the $311,624 it collected in the first 11 months of 2022.
