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Rardy

Memphis Economy Surges

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From today's Commercial Appeal

This is great news for Memphis! (I was particularly surprised to read something so positive about Memphis in the CA). We had a $30 million surplus last fiscal year, and expect a $10 million surplus this year - double the original prediction.

According to Fitch, Moody, and Standard & Poor's, this is due to "a robust economy and disciplined spending" by city officials.

"Property taxes and sales taxes were the primary drivers for the excess, said finance director Roland McElrath. 'People are spending money and as a result, local sales taxes are coming in higher than anticipated,' he said. 'We expect that trend to continue.'"

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