LAUREL HILL — The City Council's ad valorem rates will stay the same when the 2015-16 fiscal year starts Oct. 1.
The City Council on Thursday unanimously approved a 3.5 ad valorem millage rate, along with a $605,874 budget that includes a $396,374 general operating fund and a $209,500 enterprise operating fund.
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 revenue sources 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 council OKs $605K budget, maintains millage rate