ERWIN — Residents within the the town of Erwin will see no property tax increase in the 2014-15 fiscal year.
The Erwin Board of Mayor and Aldermen convened in a special called meeting Tuesday to consider the second and final reading of the town’s 2014-15 fiscal year budget and fixture of its property tax rate. The measure was unanimously approved by the board.
Earlier this month, the board approved the first reading of the town’s budget, and no changes were made to the budget since that time. Tuesday’s approval of the budget sets the town’s property tax rate at $1.0796 per $100 on real estate and personal property, the same rate as the 2013-14 fiscal year.
The town’s balanced budget reflects both revenues and expenditures in the amount of $9,234,665. On the revenues side, a total of $8,458,086 has been projected with a beginning fund balance of $1,806,101. Approximately $776,000 of this fund balance was transferred to the town’s revenues to balance the budget. This would leave the town with a projected ending fund balance of $1,029,522.
The town has projected total local tax revenues of more than $3,025,000 million. This includes $1.4 million netted from current local property taxes, $810,000 from local sales taxes, $157,000 from the wholesale beer tax, $65,000 from business taxes, and $1,000 from the mixed drink tax.
More than $570,000 has been projected for intergovernmental revenues, which includes $442,000 from state sales tax revenues. The town projects to generate $51,000 from fines, fees and court costs, $10,000 from interest income, more than $138,000 in rental income from the Erwin Post Office and $1,074,345 from state and federal grant funds.
The town has also budgeted as revenue $3,250,000 in loan proceeds previously taken out by the town. Earlier this year, the Board of Mayor and Aldermen approved borrowing up to $3.5 million to complete the second and third phases of the town’s downtown revitalization project and other projects.
On the expenditures side, the town is projecting a little less than $30,000 in legislative expenses, around $333,000 in central staff agencies expenditures, more than $64,000 in planning and zoning-related costs, around $123,000 in costs related to the Erwin Town Hall facility, and approximately $101,4000 in other governmental expenses.
Additional projected expenditures include $1,053,151 for the Erwin Police Department, $655,719 for the Erwin Fire Department, around $809,000 for the town’s public works department, $178,000 for sanitation, and nearly $245,000 for parks and recreation. The town is also slated to pay around $672,000 on debt service costs related to several projects.comments powered by Disqus