LAUREL HILL — The City Council unanimously approved a 3.5 mil ad valorem millage rate for the 2015-16 fiscal year starting Oct. 1.
The council also unanimously approved a budget for the new fiscal year that includes a $396,374 general operating fund and a $209,500 enterprise operating fund, for a $605,874 total budget.
The millage is projected to raise $52,900 toward the city’s revenue, with a further $42,000 electricity franchise and utility tax forecast.
Other sources of revenue include $40,000 in local government half-cent taxes; $35,000 in local option fuel taxes; $19,900 in rent from Elite Trailers, the city’s industrial park tenant; $11,324 from a state mowing contract, and $33,500 from state revenue sharing.
The enterprise fund will see $195,000 revenue from water sales and $14,500 in garbage, impact and water fees, including late fees and reconnect fees.
The city expects to pay off a $35,520 FNB Bank loan by September 2016. A motion at the Aug. 6 council meeting to pay off the loan early failed on a deadlocked vote, with Council Chairman Larry Hendren and Councilman Scott Moneypenny voting in favor.
This article originally appeared on Crestview News Bulletin: Laurel Hill approves 2015-16 millage and budget