The city of Madison has seen a jump in sales tax revenue recently, which could be attributed to the commercial growth the city is experiencing.
In January 2017, the city brought in $709,136 in sales tax. The following year, the city saw $758,375 in sales tax.
Sales tax revenue increased by $49,239, or 6.94 percent.
By January in fiscal year 2017-18, the city had $2,597,925.28. At this point in fiscal year 2018-19, the city has brought in $3,586,416.10.
Sales tax revenue makes up 35 percent of the city’s budget.
The city’s sales tax growth is tied to all the new businesses cropping up all over Madison.
“People are finding more options for shopping in Madison because more retail is opening,” Mayor Mary Hawkins Butler said. “Also, Madison is tough on crime and police work hard to provide a safe environment for our shoppers.”
Eight new restaurants have recently opened, including Ichiban, Raising Cane’s, Zaxby’s, Starbucks, Tadka Indian Quisine, Vitality Bowls, Karibe Mexican Grill and Taco Bell.
Half Shell Oyster House, plus a renovated Burger King and Georgia Blue are coming soon.
Recently opened retail spots include Hobby Lobby, Academy Sports, C Spire, Techcare Computers, Interior Spaces, Gina’s Flower Company and Verizon.
Sleep Number, O’Reilly’s Auto Parts, Kroger Colony Crossing Expansion and Brick City Drugs are all retail shops that are in the works.
Keesler Federal Credit Union, The First Bank, Highland Endodontics, Beavers Pediatric, Mississippi Vein Institute Expansion and Vital Care are also coming soon to Madison.
Madison will also soon welcome the Carla Pound Event Barn and Marriott Courtyard.
“State law allows cities across Mississippi to retain 18.5 percent of the 7 percent sales tax collected in their city limits,” Butler said. “The larger percent goes to the State General Fund.”
Butler said the city expects to see savings in several areas in 2019.
“There is more to do, and Madison continues to strive for excellence,” Butler said.
