The cost of the new Logan County Jail is essentially one-fourth covered.
With receipt of $100,521.21 in sales tax collections from State Treasurer Dennis Milligan’s office last week, the county has now been remitted $3,021,475.10 since collection of the tax began in January of 2017 with the first funds derived from the tax remitted to the county in March of 2017.
The county has been remitted the same amount through a second one-half cent tax to maintain and operate the jail, which opened in May.
At the current pace it would take about 96 more months, or eight years of tax collections to reach the $12.1 million the county issued in bonds, at which time one of the half-cent taxes is repealed.
The time to retire the debt could be even less now that a substantial amount of internet sales within the state of Arkansas are subjected to state and local sales taxes.
Each of the last two months collections have included taxes collected by internet vendors.
However, collections for the first 10 months of 2018 are actually $2,357.61 less than the first 10 months of 2018, a difference of 0.2 percent.
The collection for the City of Booneville’s one percent sales tax for October was $58,234.84.
While also including internet sales, the amount is almost $1,000 less than September’s collection but it is more than $950 more than was taken in in October 2018.
In both cases the difference is 1.7 percent.
Year to date the tax has taken in $591,639.10 which is $22,578.14 or about 4 percent more than the first 10 months of 2018.
The collection remains on pace to top the $700,000 mark for the first time.
The sales tax was approved by city voters for a fourth five-year period in 2015. City officials have started looking into the process to ask voters to renew the tax for a fifth term.
Under the current distribution formula of the tax a city improvement account receives 30 percent of the collections and the police department another 22 percent. The fire department and Area Agency/Senior Center get 10 percent each; the airport 7 percent; the street department, parks commission and animal control 5 percent each; the BDC/Chamber 4 percent and the Oak Hill Cemetery fund 2 percent.