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Stockdale approves $1.875M budget
The Stockdale City Council has adopted an amended 2014-15 fiscal year budget after two different public hearings -- one each for the budget and tax rate -- were held.
The proposed budget was amended after the Wilson County News pointed out during the Aug. 20 public hearing that funding for the city marshal’s department was not included.
City Manager Banks Akin said this was an oversight and added $21,000 to this department. This is the same amount allocated in the current budget.
The city’s operating budget includes revenue of $1,875,891, with expenditures listed at $1,770,342. While the natural gas account received $29,947 more than last year, due to the winter of 2013-14, the account balance is still at a deficit of $67,265.75.
The primary source of revenue for the city is ad valorem (property) taxes. No one addressed the rate that will increase the tax income by 2.28 percent.
The proposed rate of 36.67 cents per $100 assessed value includes:
•27.15 cents for maintenance and operations
•9.52 cents for debt service (U.S. Department of Agriculture Rural Development loan).
The Wilson County Appraisal District listed the appraised value of taxable property for the city of Stockdale at $51,543,980 -- or an increase of $1.2 million. Taxes will generate revenue of approximately $189,000.
The average home value in Stockdale is $88,338. A homeowner of such a property will pay $323.94 in property tax to the city.
Taxpayers will have a final opportunity to address the tax rate during a hearing set for Wednesday, Aug. 27, at 6 p.m. in City Hall.
Stockdale 2014-15 budget breakdown by funds:
Income Expenditures Balance
General Fund $941,490.64 $839,122.24 $102,368.40
Water $471,050.00 $405,199.83 $65,850.17
Sewer $293,550.00 $288,954.45 $4,595.55
Natural Gas $169,800.00 $237,065.75 ($67,265.75)
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