Senatobia and Coldwater enjoyed a windfall in sales tax collections in October, according to statistics from the Mississippi Department of Revenue.
MDOR data shows Senatobia revenue was up 13% last month when compared to the previous year’s numbers. The city collected $251,520 in October 2022 after amassing $218,925 in October 2021. Senatobia’s revenue is up 5.7% over the four months of the current fiscal year which began in July.
Statewide sales tax collections are based on a three-month cycle. Checks disbursed in October by the MDOR were from sales made in August and taxes paid to the state in September. 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 from sales tax collections rebounded substantially in October after a slight dip in September.
Coldwater collected $36,567 in October revenue, compared to $29,797 in October 2021 for an increase of 29.5%. Sales tax collections are up 23.4% in Coldwater this fiscal year with the municipality amassing $140,815, compared to $107,996 during the first four months of 2021.
Statewide revenue divided among Mississippi municipalities in October 2022 totaled $46,945,811, compared to $43,755,005 in October of last year for an increase of 6.8%.
