City Budget Adopted With No Tax Increase
By Jack Gurner
Reporter
WATER VALLEY – The $2,640,150 City budget for the upcoming fiscal year was approved during a special called meeting of the Board of Aldermen Tuesday morning, Sept. 14.
The new budget is just $116,250 above the current year. Revenue from all sources is projected at $2,851,489.00. There’ll be no increase in the current millage rate of 37 mills, Mayor Larry Hart said.
Aldermen Donald Gray, Phillip Tallent, and Larry Bell were present for the 26 second session that is required to follow the budget hearing by one week. That hearing was held Sept. 7 during the regular monthly meeting.
Also during the regular meeting, Aldermen renewed the annual electrical utility agreement between the City, TVA, and BorgWarner.
“The only difference is that it will be for a term of five years rather than one year,” Hart said. “This is because of the package afforded BorgWarner on their adding of those 120 jobs.”
The next regular meeting of the Board is scheduled for Tuesday, Oct. 5 beginning at 6:30 at City Hall.
