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Town of Tyrone adopts fiscal year 2011 budget |
2010-07-03 |
By Adrienne Leon |
The fiscal year 2011 budget has been approved for the town of Tyrone with no tax increase to residents.
The Tyrone Town Council adopted the budget after the last public hearing held at the regular council meeting Thursday night.
The budget stands at $3,146,679 -- approximately $106,000 more than last year due to anticipated health insurance costs and needed capital improvement projects, said Town Manager Richard Newbern.
The budget also includes money from the town's cash reserve, added Tyrone Mayor Don Rehwaldt. Officials expect the move to help provide a cushion for an anticipated 8 percent reduction in property tax revenue in the town.
Newbern said each mill generates approximately $368,000 in tax revenues.
However, the town has agreed to keep the milage rate fixed at 2.89 -- the way it has been for the past two years. During the budget planning process over the past several months, officials emphasized their aim to avoid tax increases on residents due to the difficult economic times many are facing.
Projects that will be funded in the budget include soil erosion problems at Tyrone's Handley Park, paving work at the Valleywood Railroad crossing and drainage repairs within the town.
Approximately $29,850 has been designated for the police department to assist with their operations for the new fiscal year, which officially started Thursday.
Town council and staff also expect to discuss Special Purpose Local Option Sales Tax funding at a later date, Newbern told the mayor and council.
"We have to make a decision on these expenditures - eventually," said Newbern.
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