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% from the Fiscal Year 2020 revenues according to a release from Town Manager Carrie Johnson.
“We’re encouraged with the continued strong growth in our local option tax revenue,” Johnson said. “It means more people are shopping and dining in the Town of St. Albans.”
In 2014, the voters of the Town of St. Albans approved a local options tax to be used only on Town infrastructure instead of utilizing property taxes or creating a large sum of borrowed debt to address the projects.
Since then, the Town has raised over $5.6 million in local option tax revenues, according to a release.
“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,” Johnson said in her release.
“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,” St. Albans Town Select Board Chair Brendan Deso said.
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, according to a release.