Sales tax collected and diverted back to the City of Water Valley has jumped more than 18.1 percent for the first two months of the state’s fiscal year, July and August, compared to the same time period in 2007.
The state returns approximately 18 percent of the seven percent collected in sales tax to the municipalities in which they were paid.
The July sales tax check for Water Valley totalling $45,192.36 was the highest amount received since January 2001. Other Yalobusha municipalities, Oakland and Coffeeville, each showed more modest growth over the same two month period.
Oakland received $8,826.73 for July and August which is a 6.8 percent increase over the same two months in 2007. Coffeeville had a 1.9 percent increase for the same two months, receiving $21,041,65 from the sales tax collected.
The increased sales tax collected in Water Valley and Coffeeville in July and August comes after numbers come after a flat 2007-2008 fiscal year, which ended June 30. Both municipalities nudged up less than one percent during the 12-month period. Oakland sales tax decreased 2.3 percent during the same period.
In August, Water Valley had a 11.8 percent increase. Other nearby municipalities recording a sales tax increase in August include Taylor, up 44 percent; Oxford, up one percent; Calhoun City, up 11.2 percent; Charleston, up 7.6 percent and Grenada, up 4.1 percent.
Bruce recorded a slight decrease in sale tax collected, with a .2 percent drop.