Town of Snow Hill approves budget, anticipates revenue growth
Snow Hill - The Town of Snow Hill has released its proposed budget for the fiscal year 2023-2024, outlining the expected revenues, expenditures, and key decisions for the upcoming year. The budge includes a balanced General Fund Budget of $1,346,252.00 and a balanced Water/Sewer Fund Budget of $1,327,404.00.
In terms of General Fund Revenue, there are slight changes compared to the previous year. The town anticipates an increase of approximately $16,000 in expected ad valorem taxes, a decrease of $4,000 in sales tax refund/license tag tax, and an increase of around $15,000 in sales tax and other revenue for the FY 23-24.
General Fund Expenditures have also undergone minor changes. Salaries within each department have increased by 2.5% to account for a cost of living raise. Insurance costs decreased by approximately 5%, and some departments experienced a decrease in staffing personnel, allowing funds to balance a cost-of-living adjustment (COLA) raise.
Other expenses such as fuel, supplies and equipment, maintenance, and utilities have seen slight increases to anticipate inflation. Election expenses have increased by $5,081 due to upcoming elections, and police expenses have risen by around $81,709. This increase in police expenses is primarily attributed to the cost of a resource officer, benefit packages, and supplies and materials. Notably, Greene County Schools will reimburse the town $55,000 for the cost of a school resource officer. Fire protection expenses remain relatively stable at $88,651.00.
The Water/Sewer Budget for the Town of Snow Hill has seen steady growth in recent years, thanks to increased water and sewer rates. This has placed the town in a more financially secure position and allowed for necessary repairs at the 20-year-old plant. The town plans to evaluate revenues versus expenditures annually to ensure that the fund balance is only used for emergencies.
Key decisions outlined in the budget include maintaining the property tax rate at $.34 and keeping the water and sewer rates at the same levels. It is estimated that one penny of the property tax rate will generate approximately $12,000 in revenues.
Neuse News is a locally-owned small business startup in downtown Kinston. Our goal is to provide free, hyper-local news to Lenoir, Greene and Jones counties. The kind of news our grandparents read in a format fit for today's times.
We provide this by having supportive advertisers and we encourage you to click on their ads, shop with them, and eat with them. Every bit of financial support is important to help us sustain free, hyper-local news.
Please consider supporting Neuse News with as little as $5 one-time or via a monthly option. Every little bit helps us, help you.
