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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.

About Chris Miller

A Concord, NC native. Concord--NC State--Denver, CO--Concord--Maryland--Concord--Albemarle.

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