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CFO: FY25 tax increase generated roughly $69.6M in additional revenue; XAI funds to form special-revenue pot

Memphis City Council (committee hearings) · October 21, 2025

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Summary

The city reported FY25 property-tax receipts and confirmed the millage increase produced roughly $69.6 million in additional revenue year over year; finance staff also said XAI-related tax receipts will be deposited into a new special-revenue fund.

CFO Walter Person briefed the Budget Committee on Oct. 21 on FY2025 property-tax collections and the effect of the council-approved tax increase. Person reported FY25 tax revenue totals (by fund): General Fund, roughly $328.94 million (millage 2.339628); Debt Service, $118.39 million (millage 0.847485); and CIP receipts of $1.15 million, for a total from property taxes of about…

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