Tyrone OKs $3.1 million budget for 2014/2015
Tyrone’s $3.1 million general fund budget for the fiscal year beginning in July was adopted June 19 by unanimous vote.
The 2014-2015 budget includes approximately $3.5 million in revenues and $3.1 million in expenses along with the first cost-of-living increases for town staff in years and a steady millage rate.
General fund revenues for the year beginning July 1 are tallied at approximately $3.5 million while expenses are projected at $3,106,223, a difference of approximately $390,000 to the good.
Town Manager Kyle Hood said the housing market in Tyrone is stabilizing, bringing home sales closer to the fair market value. The town is also expected to see an increase in sales tax revenues through the LOST (Local Option Sales Tax) distribution schedule.
While final tax digest figures are not in, Tyrone’s 2014 property digest saw a 4.21 percent increase over last year. Increases were seen in residential at 5.35 percent, agricultural at 12.3 percent and conservation property at .54 percent. The town saw decreases in commercial values at .02 percent and industrial at .98 percent.
Aside from revenues over expenses, the proposed budget also provides for a salary increase for town employees, the first such increase in several years, said Hood.
All employees will receive a flat 3 percent increase. Beyond that, an additional increase of up to 2 percent will be given based on factors such as prior performance and longevity, Hood added.
Beyond the budget numbers, Hood said the millage rate is projected to remain steady at 2.889 mills. It is the same millage rate Tyrone has maintained for at least seven years.