Mineral Town Council will vote on its proposed $852,372 budget for the upcoming fiscal year on Monday.
Council members held a public hearing on the budget, which is $69,097 higher than the current year’s, at its April meeting. No one from the public attended the public hearing.
Tax rates will not change, remaining at 24 cents per $100 for personal property and 48 cents per $100 for real estate.
Personal property tax revenues are estimated at $17,000 in the next budget cycle based on income received in the current tax year. Town Manager Ti-Lea Downing said that revenues from personal property taxes exceeded last year’s estimate by about $2,000, higher than the $15,000 initially anticipated.
Real estate tax revenue is expected to decrease slightly from $94,000 to $92,667 in the FY20 budget since some property owned by nonprofits has been taken off the tax rolls.
Anticipated increases in the meals tax, local sales tax and business, professional and operational license tax revenues will offset those changes, as will $40,600 in carry over funds from the FY19 budget.
(Article by Joseph Haney)
This is a partial article. Read the full story in The Central Virginian’s May 9, 2019 issue.
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