New London approves property tax rate

Published 11:30 am Wednesday, June 24, 2020

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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

Chris Miller has been with the SNAP since January 2019. He is a graduate of NC State and received his Master's in Journalism from the University of Maryland. He previously wrote for the Capital News Service in Annapolis, where many of his stories on immigration and culture were published in national papers via the AP wire.

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