City of Jackson Sales Tax Revenue for Fiscal Year 2021 Continues to Improve
JACKSON, Tenn. – Projections for the current fiscal year appear promising despite the challenges of 2020.
The fiscal year 2021 (FY21) budget was adopted in June 2020 during the early onset of the COVID-19 pandemic. Revenues were budgeted conservatively due to the unknown effects of the virus on the community’s economy. Conservative estimations lead to an initial projection of a $3.7 million budget deficit; however, revenues are already rebounding faster than originally predicted.
The city budgeted for a 10% reduction in sales tax revenue. Net sales tax growth for the first four months of FY21 (June-September) is up 5% compared to the same time last year. Sales tax revenue for October is up 2.5% compared to the same time last year.
“Thank you for shopping local and supporting our small business owners,” said Mayor Scott Conger.
“When you spend money in Jackson, you are helping your neighbor, teachers, coaches, friends, etc. There’s a real person who benefits from your actions in a big way. Strains on the economy hurt the local entrepreneurs, artists and innovators and they need you now more than ever going into the holiday season. I remain optimistic that people will continue to pull through and support our local economy. In Jackson- we take care of each other.”
When the city ended fiscal year 2020 (FY20) on June 30, it was $4.6 million under budget with a $2.7 million surplus. These savings can be attributed to budget cuts across every department and new strategies implemented by the Conger administration to streamline processes saving time and money.
Interested in learning more about city finances? In October, Mayor Conger launched two new interactive budgeting tools – the budget simulator and tax receipt on jacksontn.gov. Residents are encouraged to balance the budget as they see fit and can also find out exactly how each dollar of their personal tax contribution is being spent. Exploration, questions, comments and budget submissions are welcome and appreciated.
For more information, visit jacksontn.gov or call 731.425.8240.