Another Month Another Record For Tupelo

PRESS RELEASE

Sales tax revenues received from December showed another record. The sales tax receipts
received this month are the largest single month of sales tax collection in the history of the City
of Tupelo, according to Chief Financial Officer Kim Hanna, who released the figures today.
The city received $2,044,582.07 in sales tax revenue in February. Sales tax receipts run two
months behind. The receipts for February reflect December purchases.
Additionally, the Tupelo Convention and Visitor’s Bureau reported its receipts up 6.94 percent
or $23,772.
“Since this Council and Administration took office, $5.6 million have been transferred to the
city’s Capital fund,” said Mayor Jason Shelton, noting that the City of Tupelo is the first in the
state to create a municipal reserve system. “The tax receipts reflect a 5 percent growth in the
overall economy last year, as measured by the tax receipts.”
The reserve system allows the City to pay as its goes for capital projects, eliminating the need to
dip into the City’s “Rainy Day Fund,” the need to raise taxes or for increased millage for new
debt, while allowing the City to maintain its infrastructure, begin new projects and plan for the
future
The municipal reserve system, created in 2014, is the result of new revenues from growth and
revenues over expenditures from what Mayor Shelton calls “a culture of savings.”
With the February report, the first five months of fiscal 2016, which began Oct. 1, continues the
seven-month increase begun in 2015 – the first time since 2012.