Memphis, Tennessee-The city of Bluff is running a $ 23 million deficit and city guides are looking for ways to balance their 20-22 budgets.
In April, Mayor Jim Strickland proposed a spending plan of $ 716 million for the next year. The plan included a fire and a pay hike for the police, for which no tax hike was proposed.
In fact, state law has cut property tax rates by 48 cents due to high property revaluations, but Councilor Martavius Jones says low taxes are not enough to meet the city’s costs. ..
He says the good news is that some of the $ 80 million from the U.S. stimulus package can help raise taxes to 49 cents and fill the gap.
Jones added that internet excise tax revenues helped hit the pandemic economy.
“People weren’t suffering enough to fear it was suffering, and it would have been a lot worse if we weren’t like us in the digital age,” said Alderman Jones.
The city council will meet again by the end of the month to set the tax rates and approve the balanced 2022 budget.
Memphis leaders are confident that the budget deficit of $ 23 million can be closed
Source link Memphis heads of state and government are confident that the budget deficit of $ 23 million can be closed