City of Jackson says sales tax revenue increasing

JACKSON, Tenn. — The City of Jackson says projections show promise for the current fiscal year, in spite of 2020’s challenges.

In a news release, the city says revenue was budgeted conservatively due to COVID-19 and its impacts on the economy.

The city budgeted for a 10% drop in sales tax revenue, but officials now say sales tax is up 5% in June through September compared to last year, and revenue for October was up 2.5% over October 2019.

The release says the city ended the 2020 fiscal year on June 30 under budget by $4.6 million and with a $2.7 million surplus, which officials believe is due to budget cuts in each city department and new strategies to streamline.

For more information or to learn more about the city’s finances, click here.