Jackson City Council approves first reading of 2018-2019 budget
JACKSON, Tenn. — The Jackson City Council on Tuesday held their first meeting to approve next year’s budget.
“We’re looking good as far as revenue,” Jackson Mayor Jerry Gist said. “The city has experienced a lot of growth, about $1.5 million in additional taxes for the city. At this meeting, the council adopted our existing tax rate, which means our people won’t pay anymore taxes than the previous year.”
Gist says that means the city will get an additional $1.5 million to use without a tax increase.
“The council will use most of that money for resurfacing our city streets,” Gist said.
The City of Jackson is also about $80 million in debt. The council recently paid the county $1.5 million in overdue mixed drink taxes as well as dues for emergency management services and library funds.
“We’re getting ready to pay off one of our latest acquisitions for the police department, of about $700,000,” Mayor Gist said. “So we’re steadily paying off about $8 million in our debt a year.”
For the 2018-2019 fiscal year, the city has about half a million dollars in surplus.
“Some of that could disappear. It could also grow, depending on what tweaks are made between now and the second reading,” Gist said.
But Gist says he doesn’t expect the tweaks to be major.
The City Council will meet again June 26 for the second reading of the budget.