Yadkinville budget hearing scheduled for June 6

Staff Report

A public hearing on the 2016-17 fiscal year budget for the town of Yadkinville is scheduled for 5:50 p.m. on June 6 to be followed by the regular meeting of the Yadkinville town board. The public is welcome to attend and comment on the proposed budget. A copy of the budget is available for review at the Yadkinville town hall, 213 Van Buren St.

The proposed budget for the new fiscal year does not include any increases to the property tax rate, which is 42 cents per $100 of valuation. There is also no change to the water and sewer rates. This budget also proposes to maintain the solid waste fee at $10 per month.

The budget totals $4,634,300 for all town operations, capital improvements and debt service requirements. This represents an overall increase of about $92,905 or two percent from the 2015-2016 budget of $4,541,395.

The recommended budget for the General Fund totals $2,462,700, which represents an approximate increase of 11 percent over last year’s budget of $2,235,375. The recommended budget proposes to balance the General Fund with an appropriation of fund balance in the amount of $121,617.

The property tax base is estimated to be $232,132,862 which represents an incremental increase of about one percent over last year and is based on information from the Yadkin County Tax Administrator. This increase will provide about $907,198 in property tax revenues based on an assumed collection rate of 93 percent. A penny on the tax rate is projected to generate about $23,000 in revenue.

Staff Report

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