FOLEY - The City of Foley continues to outperform its budget from a tax perspective, having exceeded many budgeted tax revenues during or prior to May. The 2020-21 fiscal year began last year in …
FOLEY - The City of Foley continues to outperform its budget from a tax perspective, having exceeded many budgeted tax revenues during or prior to May. The 2020-21 fiscal year began last year in October. City staff created a conservative budget due to the unknown lasting effects the COVID-19 pandemic would have on the economy. Even though a conservative budget, City Administrator Mike Thompson says surpassing the budgeted revenues is a good sign.
“Year-to-date we’re doing really good in terms of our recovery efforts,” he said. “Hopefully that will continue through this fiscal year and into next year, but we’ll see.”
With the May sales tax revenue, the city is running approximately 33 percent above last year’s numbers. Thompson stressed that the May 2021 numbers were being compared to May 2020 numbers, when many businesses were still closed due to the pandemic. Rental tax as well is above the full-year budgeted number, and gas tax revenue is approximately 15 percent above budget year-to-date. Lodging tax revenue is also above budget for this fiscal year.
“And also our building permits and planning review, we outdid our budget for this fiscal year already during the first eight months, and that’s indicative of the amount of development that’s going on in our community,” said Thompson. “You all see the number of homes and businesses that are opening in Foley, and this report shows the numerical explanation of that.”
For more information, visit cityoffoley.org.