New Albany, MS – New Albany hit another record sales tax month with revenues received from December collections. The sales tax receipts received this month are the largest single month of sales tax collection in the history of the City of New Albany, according to City Clerk Frankie Roberts, who released the figures yesterday.
The city received $306,614.04 in sales tax revenue in February. Sales tax receipts run two months behind. The receipts for February reflect December purchases. Last year was also a record year for sales tax receipts with the city bringing in $3,148,831.88 last year, a 7% increase over the year prior.
Additionally, New Albany Tourism reported its receipts holding strong at $58,173.44 for the month. Last year set a record for tourism tax receipts, revenues topping the $700,000 mark for the first time. Tourism revenues for the year that just ended were $704,986.42, an over 10% increase from the year prior.
“Sales tax are a good metric for gauging the economic activity of the city, more sales equals more sales taxes, and seven percent growth is exceptional,” says the city’s tourism director, Sean Johnson.
Cities in Mississippi receive .185% of the 7% sales tax collected in their communities. Dividing the amount collected by this percentage will show the amount of economic activity in a community; in New Albany’s case this reflects retail sales of $23,676,759.85 in the month of December alone. The total amount of retails sales in New Albany for last year exceeded $243 million dollars.
Last year’s record tourism tax revenues, which are based on a 2% tax on restaurants and lodging purchases, reflect over $35 million spent in New Albany restaurants and hotels throughout the year.
“We’re averaging around $58,500 a month in tourism tax revenues and that indicates that roughly $2.5 million each month are being spent in New Albany’s hospitality sector. Not only is New Albany becoming a good place to dine out, it’s also becoming a good place to have a restaurant,” says Johnson.
Companies are clearly seeing the trend with a number of restaurants like Zaxby’s and Popeye’s locating in New Albany in the last year with more brands expected to locate in New Albany this year.
Mayor Tim Kent adds, “We’re getting inquiries now about business space, both retail and restaurant, on a regular basis. I think the secret’s out…I think New Albany’s becoming known as a great place to do business.”
New Albany MS, Sales tax revenue, tourism