Local Financial Reports Show Positive Trends in Tax Revenue and Hotel Occupancy

Hendersonville's Finance Committee meeting on August 26, 2025, highlighted a promising start to the fiscal year, with state-shared sales tax revenues exceeding expectations. The committee reported a positive increase of approximately $28,000 compared to the previous year, signaling a strong economic outlook for the city.

The local hotel and motel sector also showed significant year-over-year growth, marking the first month in a long time where occupancy rates and revenue per room have risen. This uptick is particularly encouraging following the downturn caused by last year's tornado, which had a lingering impact on the local economy.

However, not all financial indicators were as bright. Investment earnings were reported to be down by about $10,000 compared to last year, with expectations of further declines due to reduced available cash for investment and potential drops in interest rates. The committee emphasized a conservative budgeting approach, which aims to prepare for any financial fluctuations.

The stormwater revenue report revealed some unexpected collections from prior year fees, but overall collections were lower than the previous year. The committee is investigating the reasons behind the delinquency rates and plans to provide further insights in the coming months.

In terms of expenditures, the committee noted delays in receiving ordered fire trucks and engines, with some expected to arrive as late as fiscal year 2028. This highlights ongoing supply chain challenges affecting municipal purchases.

Overall, the meeting underscored a cautiously optimistic financial outlook for Hendersonville, with key sectors showing resilience and growth despite some challenges ahead. The committee will continue to monitor these trends closely as the fiscal year progresses.