New London approves property tax rate
New London’s 2020-2021 annual budget will keep the tax rate at 16 cents per $100 valuation. A public hearing was held this month, at which time the budget was also adopted.
The total budget for New London for fiscal year 2020-2021 is $906,600. This is lower than the current budget of $1,101,975.
The budget includes $597,275 for the general fund, $283,725 for the water and sewer, $23,500 for the Powell Street fund and $2,100 for the cemetery fund.
Major appropriations in the General Fund expenditures include $125,375 for a N.C. Parks and Recreation Trust Fund grant (PARTF) for the park project on North Main Street, $120,000 for employee salaries, $44,000 for trash collection, $40,000 for capital improvement, $31,000 for a business incentive grant, $25,000 for park maintenance/repairs and for town hall office expenses.
Major appropriations for water and sewer include $160,000 for water purchase, $70,000 for sewer treatment processing and $31,775 for sewer system maintenance and repairs.
The General Fund revenue, which totals $597,275, includes $215,000 from property tax, $175,000 from franchise tax, $145,000 from sales and use tax and $50,000 from a loan payment to the New London Fire Department.
The main water and sewer revenue comes from water-sewer billing revenue, which totals $280,000.