City sales tax collections in September were nearly 14 percent higher than last year, and collections year to date are running more than $200,000 ahead of budget projections.
Tax collection records show that $1,011,433 was collected in September, which is $21,245, or 13.80 percent, higher than the same period last year. September 2014 collections totaled $888,815.
Yearly collections through September, the last month for which figures are available, totaled $9,329,226, which is $212,909 higher than 2015 budget projections, and 5.15 percent ahead of the same period last year.
"We're extremely pleased with the result of September's collections, as well as the last four months," Interim City Manager Bill Burrough said Wednesday.
"I think that is indicative of what a great summer season we've had. I can tell you the trend is higher than we've seen in the past five years," he said.
Burrough said the city has experienced a positive growth in revenue collections in each of the past four months, and hopes the trend continues.
"We're running about $200,000 more than our budget projections and we hope that trend continues. Again, I think it is indicative of all the great things that are happening in the city," he said.
Burrough said the city doesn't have a breakdown showing which sector of the economy is producing the higher revenue, but believes the strong collections are due to the lakes, trails, and the downtown area.
"Hot Springs is the buzz, and everyone is wanting to come here, and we're certainly appreciative of that. Conventions have been strong, the bike rally was strong and I can't say enough about the work that Visit Hot Springs and Steve Arrison (Visit Hot Springs CEO) does for our community in bringing people to the city. I think it's a great collaboration and they do a wonderful job," he said.
In addition to the city's increased collections, the citywide 3-cent advertising and promotion tax continued its trend of double-digit collections in September compared to the previous year.
Collections for September were $507,693.21, which is 11.78 percent higher than the $454,184.09 collected in September 2014, according to Hot Springs Advertising and Promotion Commission records.
"September was one of the biggest open motorcycle rallies we've ever had and that had a lot to do with it," Arrison said. "And, we had a lot of convention business, not only at the convention center, but at area hotels, and September is a good tourism month."
He said indications point to collections being strong for October and continuing into November.
"I think the trend will continue to the end of the year," he said.
Local on 11/29/2015