Record Town tax $: Smoak
Farragut Board of Mayor and Aldermen started its budget process with good news regarding revenues at its first budget workshop Thursday, March 3.
“Over the last six months, local sales tax revenues — the largest revenue source for the Town — have been very positive over FY ’20 and ’21,” Town administrator David Smoak said. “We’ve had currently 17 straight months of positive sales tax revenues, month over month, from the previous year.
“In December, we just received the largest revenue we’ve received ever for the Town at $875,000, almost 10 percent over last year’s December (revenues),” he added.
“Overall, for the first six months of the (fiscal) year, we’re right at 16 percent in revenues to date. We brought in roughly $5.8 million so far in sales tax revenues.”
Among other revenues the Town receives, a diagram displayed showed it will receive $1.3 million from Wholesale Beer, Liquor and Mixed Drink taxes, which is an increase from $1.1 million in 2021. Smoak said they expect to get $1.135 million in 2023.
On the other side of the coin, the Board also faces challenges, such as the rising costs of goods and services, loss of the Hall Income Tax revenue and staffing and benefits.
