SAVANNAH, Ga. (WSAV) — The Savannah City Council unanimously approved the Local Options Sales Tax (LOST) deal on Tuesday.

The county wanted a larger percentage of the LOST tax revenue. Currently, the county is raking in 23% of the revenue but the new deal bumps that up to 31% by year four. The agreement is a step-ladder approach.

The City of Savannah provided a breakdown of the agreement below:

YearCounty ShareMunicipal Share
202325%75%
202426%74%
202528%72%
202631%69%
202731%69%
202831%69%
202931%69%
203031%69%
203131%69%
203231%69%

The County Commission Chairman has been given the authority to sign a deal, the City has given the City Manager the authority to sign on the council’s behalf without calling an emergency meeting as long as the breakdown stays the same.

LOST money is what comes from people shopping, eating, drinking, staying in hotels and more. It used to help pad the budgets for the cities and Chatham County to keep property taxes down. 

Savannah’s mayor told WSAV that the county commission chairman has the power to agree to this deal, the city manager has also been authorized to sign. Mayor Van Johnson asked a few weeks ago for a lost deal for Christmas and it looks like he might just get it.