Sales, Tourism Tax Register Continuous Climb in Oxford
In a promising economic flashpoint, the city of Oxford, Mississippi, has recorded a consistent rise in both sales and tourism taxes during the first half of the fiscal year that runs from July 1 to June 30. According to the Mississippi Department of Revenue, this upward trend in revenue generation comes at the back of an increase in the number of home games that take place in the city, directly influencing the footfall in the bustling town.
A Boost from Home Football Games and SEC Baseball Attractions
Among the key leisure activities and attractions that Oxford hosts include home football games and SEC baseball games. For instance, in 2023, the city hosted seven home football games and 33 home baseball games, indicative of 15 SEC games. The upcoming year, 2024, promises an equally packed, if not more engaging, sports calendar featuring 31 home baseball games (inclusive of 15 SEC games) and seven home football games.
These games aren’t merely engaging sports endeavors but have direct economic implications, significantly contributing to Oxford’s burgeoning sales and tourism tax revenue. Major portions of the city’s tourism tax revenue are reaped during these games-filled weekends.
Rising Revenue Numbers – A Closer Inspection
A closer look at the revenue statistics reveals that from July 1 through Dec. 31, sales tax generated from Oxford’s businesses totalled $7.2 million, registering an increase from $6.8 million recorded during the same period in the preceding year 2022.
Food and Beverage Tax Collection
An impressive trajectory is also observed when considering Oxford’s revenue from the 2% food and beverage tax. Demonstrating an increase, the city collected $2,375,264 from July 1 through Dec. 31 in 2023, while the same period in 2022 saw a slightly lower $2,324,264.
Hotel/Motel Tax Collection
The city’s hotel/motel tax collections have displayed a similar uptrend. The collection figures went up from $380,723 in 2022 (from July 1 through Dec. 31) to a robust $522,958 during the same timeframe in 2023.
In conclusion, the mounting figures in sales, food and beverage, and hotel/motel taxes indicate an encouraging economic scenario for the city of Oxford. With a promising sports schedule and other attractions, the city seems poised to continue this revenue augmentation trajectory in 2024.
