The mayor says his city has also seen a significant drop in sales tax collections compared to last fiscal year.
Mayor Gene Melton says sales tax collections are down more than $450,000. He says while there are a number of businesses that have recently opened, it's not enough to offset that loss in revenue.
New businesses in the city include Salon 2000, Richard Brown Fabrics and Interiors and Bryant Bank.
There is also a Hilton Garden Inn opening soon.
The mayor says compared to previous fiscal years the recent business growth is a drop in the bucket.
Melton says revenue for the city has declined since October 2007.
He's hoping for things to turn around.
"I think no matter who you talk to here they'll tell you this thing has not turned around here yet," said Mayor Gene Melton. "So what we are trying to do is encourage where we can to get new business to fill that void."
The loss in revenue has not put the city in a financial bind.
Mayor Melton says the city is in good financial standing with seven to eight million dollars in a reserve. However, the city is cutting back.
The mayor has told his department heads to find ways to trim their budgets.
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