At a July 26 City Council meeting, Eva Clawson, director of finance for the city of Oak Ridge North, presented a financial report detailing a revenue of $3.6 million for the 2020-21 fiscal year. Clawson stated the revenues are on an upward trajectory.
Oak Ridge North general revenue is up 7% since the 2019-20 fiscal year and 4.5% more than 2018-19. The total city revenues are up almost 12% from fiscal year 2019-20 and about 8% from fiscal year 2018-19, she said.
Clawson said revenue from permits is significantly higher as more businesses are opening in Oak Ridge North.
Mixed beverage revenue is still down from previous years, she said. Clawson attributes this to a lack of events being held since 2020, but she reported it is on an upward movement.
“I would imagine getting into fall and Christmas, [mixed beverage revenue] will start picking up there,” Heather Neeley, Oak Ridge North city manager said.
Sales tax revenue for the year to date is nearly $1.6 million with a total of $1.9 million in sales tax revenue budgeted, according to the financial report.
As previously reported by Community Impact Newspaper, Oak Ridge North has struggled to keep sales tax revenue up in previous years. Oak Ridge North saw an increase in total sales tax revenue in fiscal year 2017-18 for the first time since 2015. In fiscal year 2018-19, Oak Ridge North officials increased the city’s property tax rate for the first time in eight years to help fund city projects. Following the increase, sales tax revenue reached $2 million in 2019.
Sales tax revenue funds the Oak Ridge North Economic Development Corp., a nonprofit citizen volunteer group funded by $0.005 of dedicated sales tax, according to the organization's website. Oak Ridge North is looking to obtain a loan from EDC to fund a master capital project plan. The plan will include water, sewage, drainage, street, sidewalk and park projects, and a new public works facility, according to the City Council.
Hannah Zedaker contributed to this report.