Yadkinville Town Commissioners voted unanimously to approve the $4.4 million fiscal year 2013-14 budget as presented during their meeting on June 3.
The Town of Yadkinville presented its proposed budget on May 30, and the commissioners voted unanimously to adopt the $4,411,857 budget as presented during their monthly meeting on June 3.
The fiscal year 2013-14 budget amount represents a $68,696, or 1.6 percent increase from the FY 2012-13 adopted budget.
This year’s budget does not recommend an in increase to the current property tax rate of $0.41 per $100 of valuation. At the current tax rate a $150,000 home would result in a $615 property tax bill.
The vehicle tax will also remain at $0.41 per $100 valuation for projected tax revenue of $69,720.
The budget also recommends maintaining the current water and sewer rates, solid waste fees and the current fee schedule with the exception of the privilege license fee schedule adopted in FY 2012-13.
The budget recommends a 2.5 percent cost of living adjustment for town employees.
Based on the adopted budget the estimated property tax base is $221,578,229, which is approximately 1 percent higher than FY 2012-13. This increase will result in approximately $859,778 in property tax revenues based on an assumed collection rate of 94.6 percent.
The FY2013-14 budget recommends an increase to the water and sewer funds of $2,200,589 or 0.25 percent higher than FY2012-13.
The budget appropriates $497,480 to address a state mandate to rehabilitate the Yadkinville Dam.
Expected revenues from the town’s sale of water and sewer are expected to be approximately $2,150,035 in FY 2013-14.
The adopted budget will result in a transfer of $22,995 form the general fund to balance the budget. There will also be a $21,614 transfer from the water and sewer fund to the general fund to balance the budget.
A $40,000 transfer from the general fund will be made to the power bill fund balance in order to resurface town streets in FY 2013-14. This will also include a $105,000 transfer from the enterprise fund to pay for administrative support such as project management, financial management and human resources management.
The town’s revenue from the sale of beer and wine is estimated to be $13,545. The revenues generated from the Yadkinville ABC Store are expected to be approximately $49,040. The revenue generated from the store is estimated to equal approximately 2.5 cents on the tax rate.
The town is expected to receive approximately $435,490 from the state for tax on electricity, natural gas and telecommunications.
The budget reports that the town will lose $49,700 in revenue due to the expiration of the transitional hold harmless reimbursement payment from the state.
The budget increases the solid waste revenue line to $90,345 due to increasing contracted costs of providing weekly household garbage collection and recycling services in town.
The business license revenues are expected to be approximately $20,400 for FY 2013-14.
The town reports that new legislation to reform the state’s unemployment system will require the town to maintain a reserve equaling one percent of unemployment insurance taxable income starting with the new fiscal year.
The town is also anticipating an increase of 17.9 percent in health care insurance for town employees in FY 2013-14.
Reach Lindsay Craven at 679-2341 or at lcraven@civitasmedia.com.
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