The Italy City Council unanimously approved a budget of $2,236,152 for the 2012/2013 fiscal year at a called meeting Monday evening.
The general fund proposed revenue is $1,047,950 which funds government functions, law enforcement, public safety, streets, court, administration and parks.
The water and sewer proposed revenue is $1,188,202 and encompasses all expenses related to water, sewer, revenue bond debt service requirements, repair and maintenance of water and sewer infrastructure.
The council also unanimously approved an ordinance (#12-0917-02) adopting the ad valorem tax rate at $0.996060 per $100 valuation. The debt service rate is $0.523265 per $100 valuation and the maintenance/operating rate is $0.472795 per $100 valuation.
Expected general fund revenues — $1,047,950 — is broken down with $257,000 from property tax, $327,900 from business and franchise tax, $427,750 from municipal court and $35,300 from other revenue. This revenue is $17,350 less than the 2011/2012 revenue budget.
The general fund expenditures are projected at:
The water/sewer revenues — $1,188,202 — is projecting $1,166,902 from water debt service, water sales, sewer debt services, sewer sales, septic dump sales, dumpster fees, late charges, reconnect fees, sanitation collection, surplus sold, sales tax, adjustment and interest. Other expected revenue — $21,300 — is expected to come from tower lease, water and sewer taps, sanitation franchise, TML equity returns and miscellaneous. This revenue is $7,964 less than the 2011/2012 revenue.
The water/sewer expenditures are projected at:
|$ 323,750||Salaries and benefits|
|$ 8,000||Auditing/legal fees|
|$ 373,552||Debt service/water bond|
|$ 92,400||Water expenses|
|$ 82,160||Sewer expenses|
|$ 139,900||Sanitation & sales tax|
|$ 9,615||Emergency fund|
The council also approved the Italy Economic Development Corporation budget for the upcoming year.
The IEDC is carrying over $104,500 from the previous budget and expect to receive approximately $73,200 from sales tax and interest income. From that total, $30,000 goes to debt service, leaving a total projected income of $147,700.
Expenses for the IEDC are projected at $117,452.09 which includes a bond payment project of $90,752.09.
James Hobbs requested, a second time, to table an agenda item regarding personnel policies until he had time to read through the manual.
A called meeting will be held Sept. 27 at 6 p.m. to pay bills and make budget amendments for the end of the 2011/2012 fiscal year.
Before adjourning, Mayor Frank Jackson praised the various city departments and department heads for their dedication to the city and said he looked forward to the upcoming fiscal year which begins Oct. 1.