Foley Outperforms Budget

The City of Foley continues to outperform its budget from a tax perspective, GulfCoastNewsToday.com reports. Many budgeted tax revenues have been exceeded during or prior to May, creating a surplus when compared to a budget built conservatively due to the unknown lasting effects of the pandemic. Despite that caveat, City Administrator Mike Thompson said that surpassing the budgeted revenues is a good sign. As of the end of May, the city’s sales tax revenue is 133% of last year’s. Rental tax is above the full-year budgeted number, as well, and gas tax revenue is approximately 15% percent above budget year-to-date. Lodging tax revenue is also above budget for this fiscal year, which began in October 2020. Perhaps the strongest indicator of growth is in building permits and planning review, which Thompson said already outpaced the budget for this fiscal year. “That’s indicative of the amount of development that’s going on in our community,” he said. “You all see the number of homes and businesses that are opening in Foley, and this report shows the numerical explanation of that.”