More money than ever flowed into Jackson's coffers while it struggled to maintain basic services in 2020. The 2020 annual audit reveals the Covid pandemic and all of its shutdowns barely scratched Jackson's piggybank
The 2020 audit reports Jackson's total revenue was $264 million, an increase of $22 million from 2019. The increase includes $14.8 million in Siemen's settlement funds.
Although heavy emigration took place over the last twenty years, Jackson receives more property tax revenue than ever although it also has the highest property tax rates in the Jackson metro area. The point is flight or no flight, Jackson's property tax revenue hasn't disappeared with Jackson refugees.
Sales tax revenue continued along the same lines as well although with a bit of a twist.
Obviously Jackson sales taxes didn't fall $20 million in one year. The "other" line on the income statement was negligible until 2017 when it jumped from $942,000 in 2016 to $39.3 million, the same year the sales tax revenue plummeted. "Other income" remained between $39-41 million each year since 2017. Obviously something was reclassified or included in Jackson's revenue. When "other revenue" is included, the combined revenue jumps up to $55 million. The change must have been due to a GASB rule change or the inclusion of the internet sales tax diversions although that did not take place until 2018.
The water, sewer, and sanitation audits will be discussed in a separate post this week.
Haven't seen these facts discussed in the media, have you? Don't expect the media to do so as the real picture doesn't fit the media narrative of a broke city ruined by whites deserting the city en masse, never mind the black flight. The media doesn't report that feature of Jackson's decline as well. Nope, its easier to blame race than figure out financial statements. The 2020 audit shows the real store: While Jackson collected more, it served less and that my friends, is the bottom line.
18 comments:
The point is flight or no flight, Jackson's property tax revenue hasn't disappeared with Jackson refugees.
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Don't expect the media to do so as the real picture doesn't fit the media narrative of a broke city ruined by whites deserting the city en masse, never mind the black flight.
MYTH BUSTED.
AND how is it that JPS schools can't be academically successful in their mission to educate without higher percentages of white students?????
The City of Jackson's ad valorem taxes are in BEAST mode and will increase with every passing year?
Organized Crime Rocks.
The basic facts, as I understand them:
1. Revenue is at an all-time high.
2. The police department was given $7 million more than it spent last year.
3. The public school system gets more money per student than any other public school system in the state.
4. Jackson is almost 85% black, with black mayors for the last 20 years.
So, are there any reasons for Jackson’s abysmal rankings, compared to other major cities and school districts, other than lack of funds and racism? Jackson, Mississippi: Doing Less With More!
1:41 I think you may have a point. One thing about Chokwe though is he keeps his beard groomed and his lines straight. Got to look good when busting up in the M Bar.
Help me out! Business Type Activities Revenue $56.8M. I assume that’s water/sewer and sanitation?
Business Type Activities Expenses Water/Sewer 68.3M + Sanitation 10.8M = $79.1M.
Does that mean they lost $22M????
Here are some really telling numbers:
Revenue [minus] expenses:
Governmental activities 2020 = 36,370 2019 = 33,689
Business-type activities 2020 = (9,164) 2019 = (33,016)
So, the City runs a surplus on governmental activities while losing millions (or tens of millions) on the "Business-type activities." If this were truly a "business," it would be bankrupt.
What would the revenue numbers look like in the "Business-type activity" columns if the City had been collecting all it was supposed to collect for water/sewer services?
4:27, don't be lazy. Read the footnotes. Don't ask people to do your work.
4:42. 4:27 here. I assume you’re implying that the Siemens $14.7M should be in my revenue number? You might be right but that’s almost smoke and mirrors. They are still paying for the Siemens bond even though the meters are being replaced as I write this. Things are much worse than a $7M loss.
Marcus Wallace for Mayor 2025
I know a lot of lawyers lurk on JJ but clearly no accountants do. Jeez.
Wow. I was lazy and didn't read the footnotes (actually the Scribd doc wasn't available when I looked at this earlier). So, if you back out the $15M settlement from Business-type activities in 2020, the numbers look even sh**tier. That's one-time money, so unless the City figures out how to collect for water/sewer, the loss in 2021 likely exceeded $20M again.
Help me 5:59! Page 16 Statement of Activities shows Water/Sewer Expenses $68M and Revenues $47M. So how much did the enterprise fund actually lose?
Page 3, auditors opinion…”substantial doubt about the convention center’s ability to continue as a going concern”. Big $ there…keep your eyes on it in the next few years…
Any way they could hire a couple dozen policemen with that booty?
Convention center debacle was all predicted @7:35 well before the public duping leading to the vote. Where's the Prophet now?
It is called theft in grifting. In the white liberals of Jackson allow it to happen.
Have to cut corners to "establishing an office of violence prevention and trauma recovery". It takes money to create executive level jobs for your friends.
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