City budget OK set this week
Lewisburg's City Council has stepped into Fiscal Year 2008-09 with an $11 million spending plan, up about 10 percent from the last couple of years, and with more than $11.4 million in projected revenues.
In addition to previously announced cost of living pay raises for city workers at 3 percent, there are developments for the city that fall into the no-brainer category such as additional hangers for airplanes at Ellington Airport.
A state grant anticipated at $593,000 is what makes the $660,000 project for additional hangers an easy decision if it's developed as planned. That would leave the city's cost at $67,000, or about 10 percent of the total. The figures are listed in a Budget Request Detail reviewed by members of the Council during a recent budget workshop. Airplane hangers can also generate rent income for the city.
Annual budgets -- the spending and taxing plans of every local government in Tennessee -- are adopted by an ordinance that's to be approved by three successful votes. That's the case this week with a budget ordinance that includes the city's property tax rate.
The rate set by Lewisburg's Council for the fiscal year that started on July 1 is a continuation of the rate adopted last year. It was and will apparently continue to be $1.36 per $100 of assessed value. It represents no increase in city property tax bills on unchanged real estate.
In other words, if a homeowner hasn't built an addition, enclosed a porch, or suffered a fire that destroyed the value of a $100,000 house, then the city property tax bill would remain the same at $340.
...Pick up a copy of Wednesday, July 9, 2008 for entire article.