Memphis Closes Fiscal Year $5.6M Ahead of Budget Following SpaceX Tax Surge

The city of Memphis is tracking roughly $5.6 million above its projected spending for the current fiscal year, the first time the municipality has finished a budget period with such a margin in several years. Local officials credit the surplus in part to a spike in tax payments from SpaceX's data centers, which generated $54 million for the city and Shelby County this year, up from $25 million in the prior period. Mayor Paul Young confirmed that the aerospace company pays full taxes without receiving tax breaks and that its facilities were the second largest taxpaying property in the county last year.