Oakboro’s property tax rate to remain at 41 cents
Published 3:43 pm Thursday, May 28, 2020
The town of Oakboro’s 2020-2021 budget will keep the tax rate at 41 cents per $100 valuation.
The total budget expenditure is $1.6 million.
About $700,000 will be spent for public safety, $258,000 for general government, $207,000 for parks, $155,000 for environmental protection, $149,000 for streets, $82,000 for the fire department, $12,900 for the cemetery and $7,750 for museums.
The revenue, which also total $1.6 million, includes $682,000 from property tax, $508,000 from sales tax, $170,000 from reimbursement utility, $72,000 from Powell Bill Funds and $68,000 from sanitation revenue.
The town’s sewer budget is set for $590,300. This total includes spending $250,000 for sewer treatment costs and $71,000 for a loan payment. Salaries make up $92,000, with other line items dedicated to utilities, life insurance, generator repairs and more. Revenue for the sewer fund comes mainly from sewer revenue, which totals $400,000, and proceeds from the sale of the wastewater treatment plant, which totals $156,000.
The water budget is set for $510,000. The largest expense at $140,000 will be spent on purchasing water from Stanly County. The department will also spend about $110,000 on salaries, $30,000 on radio-read water meters, with other expenses including a lab contract, supplies and chemicals, safety equipment, a mower and more. Revenue for the water fund comes mainly from water revenue, which totals $485,000.
The council adopted the budget during its June 15 meeting.