(May 12, 2016) Property taxes in Snow Hill will remain at the established 86 cents per $100 of assessed value on real property and $1.82 per $100 on corporate personal property this year after a unanimous vote on second reading by the Town Council on Tuesday.
This rate on real property will provide the town with an estimated $880,000 to spend during the next fiscal year. The estimated revenue on corporate personal property should net about $106,000.
The town is also expecting a $450,000 grant from the county commissioners, but that budget has not yet been finalized. The town also gets a payment of $100,000 in lieu of taxes from the county, because county facilities are not subject to local taxes.
The state will kick in another estimated $110,000 on income taxes.
Other major revenue streams include salary reimbursement for emergency services personnel, which saves the town about $450,000, while metered water and sewer charges combine for a total of about $775,000.
In total, the town expects about $2.46 million in revenue during fiscal 2017.
As for expenses, the town expects them to cancel out the revenue without a surplus or loss at this stage in the process.
The single largest expense in the fiscal 2017 budget is salaries, at a cost of about $566,000 for rank-and-file employees. Police salaries are separate and will cost in excess of $354,000. Director-level jobs, overtime, and part-time or clerical staff are also separate, and come to a total of about $130,000.
Employee benefits are also a major expenditure, costing in excess of $350,000 next year.
From there, utilities, insurance, advertising, street maintenance, gasoline and solid waste tipping fees are the other major expenses.
This rate on real property will provide the town with an estimated $880,000 to spend during the next fiscal year. The estimated revenue on corporate personal property should net about $106,000.
The town is also expecting a $450,000 grant from the county commissioners, but that budget has not yet been finalized. The town also gets a payment of $100,000 in lieu of taxes from the county, because county facilities are not subject to local taxes.
The state will kick in another estimated $110,000 on income taxes.
Other major revenue streams include salary reimbursement for emergency services personnel, which saves the town about $450,000, while metered water and sewer charges combine for a total of about $775,000.
In total, the town expects about $2.46 million in revenue during fiscal 2017.
As for expenses, the town expects them to cancel out the revenue without a surplus or loss at this stage in the process.
The single largest expense in the fiscal 2017 budget is salaries, at a cost of about $566,000 for rank-and-file employees. Police salaries are separate and will cost in excess of $354,000. Director-level jobs, overtime, and part-time or clerical staff are also separate, and come to a total of about $130,000.
Employee benefits are also a major expenditure, costing in excess of $350,000 next year.
From there, utilities, insurance, advertising, street maintenance, gasoline and solid waste tipping fees are the other major expenses.