Knox County Mayor Glenn Jacobs' Weekly Update

Knox County Mayor Glenn Jacobs' Weekly Update TRANSCRIPT: It’s Friday. Time for another weekly update. Since it is the New Year, I am going to share my New Year’s resolution with you today. Let me set the table first, though. The County is in good fiscal shape. As you know, the budget that we put together for our current fiscal year was pretty challenging due to almost $10 million in decreased property tax revenue as a result of something called the property tax ratio which has to do with business personal property. After going to a two-year reappraisal cycle, the property tax ratio should not be an issue going forward so future budgets will be less fiscally constrained. Also, our sales tax collections have remained strong, increasing by about 3% month-over-month so far this fiscal year. Out of all our revenue streams, the hotel-motel fund has been the strongest. Compared to this time last year, the hotel-motel tax revenue is up almost 4%. Now, hotel-motel funds can only be spent on activities that drive tourism, so we use these funds to do things like converting the Knox County Sports Park baseball infields to turf, which should be ready in time for this year's baseball season. Not only will this drive sports tourism but will also be a great amenity for Knox County residents. Overall, 2026 is shaping up to be a banner year for tourism. The BassMaster Classic—the Superbowl of bass fishing--is returning in March. 164,000 people attended the Classic in 2024 so expect a massive crowd. Country music star Luke Combs will be performing at Neyland Stadium in May. Also in May, the Savannah Bananas will be at Covenant Health Park on May 21st and a sold-out Neyland Stadium on May 23rd. Speaking of Covenant Health Park, I could not be happier with its performance. We projected it would produce $950,000 in sales tax for the first year. Through October, it was already at $1.2 million! That’s more than 27% ahead of where we thought we’d be with two months left to report. Additionally, we continue to see redevelopment around the stadium, meaning more property tax revenue going forward as well. So, here’s my New Year’s Resolution. Well, two of them. First, when I ran for mayor in 2018, I vowed not to raise taxes. Once again, this year’s Knox County budget will NOT include a property tax increase. Second, even with all the good news that I just gave you about revenue, this year’s budget will be fiscally responsible. My philosophy is, if we don’t have the money, we shouldn’t spend it. And, when we do have the money, we should spend it wisely. That’s how we have approached things in Knox County for many years now and it has made us into a model for sound fiscal policy around the state. Until next Friday, I hope everyone has a great week!