Foley exceeds forecasted revenues for current fiscal year

By Jessica Vaughn
Posted 4/28/21

FOLEY - Only seven months into the 2020/21 fiscal year budget, and the City of Foley has already exceeded the forecasted revenues for this fiscal year. While reviewing the March tax reports, City …

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Foley exceeds forecasted revenues for current fiscal year

Posted

FOLEY - Only seven months into the 2020/21 fiscal year budget, and the City of Foley has already exceeded the forecasted revenues for this fiscal year. While reviewing the March tax reports, City Administrator Mike Thompson pointed out that while the city came close to exceeding budgeted revenues during the month, half-way through April the number had been surpassed.

“In month seven, we will have exceeded our full fiscal year budget,” he said. “So that gives you a good idea of what kind of economic activity is going on in our community.”

Thompson said that the city has had good months throughout this fiscal year. During March, he said the city continued exceeding what was forecasted for sales and lodging taxes, and that rental tax was doing well. Gas tax, while not exceeding what was forecasted, is nevertheless remaining approximately equal to the previous year.

“We anticipate these strong numbers are going to continue,” said Thompson. “We’re going into a two month cycle where comparing to last year’s actuals for those months, we’re going to have a very favorable comparison because these next two months are when we were actually shut down for a period of time due to COVID, so I’m expecting us to be substantially above those months for sure.”

Along with rental, lodging, sales, and gas taxes, Thompson said the revenue from building permits is doing well. He says this, along with rental tax especially, shows the high volume of economic activity the city is experiencing.

For more information, visit https://cityoffoley.org.