Town of St Albans FY2021 local option tax revenues up 5.1 percent

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Town of St Albans FY2021 local option tax revenues up 5.1 percent

Mon, 06/07/2021 - 11:33am -- tim

Vermont Business Magazine Town Manager Carrie Johnson announced on Monday that the Town of St Albans raised $944,427.41 from the local options tax in Fiscal Year 2021, an increase of $46,952.32 or a 5.1 percent increase from the Fiscal Year 2020 revenues.

“We’re encouraged with the continued strong growth in our local option tax revenue. It means more people are shopping and dining in the Town of St Albans.” Johnson said.

“We were worried we’d see a dip in revenues with COVID-19, but each quarter our revenues outperformed the same period of the year prior.”

The Town of St Albans voters approved a local options tax on Town Meeting Day 2014 to be used solely on Town infrastructure. Since its implementation, the Town has raised over $5.6 million.

Select Board Chair Brendan Deso added, “These strong revenues will continue to allow the Town to invest in significant infrastructure projects moving forward without putting the burden on property taxes today or in the future.”

The Town of St. Albans has used the funds raised to build the new Public Works Facility on Brigham Road in 2019 and will pay for the New Town Hall Project voters approved in March of this year.  The Town of St. Albans currently has no debt but has been authorized to borrow up to $2.5 million to complete the New Town Hall, any amount borrowed will be covered by future local option tax revenues.

Source: 6.7.2021 Town of St. Albans www.stalbanstown.com