New London commissioners approve budget for 21-22 fiscal year

Published 10:32 am Thursday, June 3, 2021

The New London Board of Commissioners unanimously passed its budget for the 2021-22 fiscal year at Tuesday’s meeting of the town council.

After having a public hearing before the town’s meeting, where no one spoke, the board approved the second reading of the budget with one change. The board moved $5,000 to increase staff salaries taken out of the capital improvements.

Revenues in the new budget will be down $50,000 due to the completion of loan payments from the New London Fire Department. Half of that money will come back in the new budget, $25,000, from increased projections in sales tax received ($20,000) and property tax ($5,000).

Expenses went up slightly in the budget ($16,725), the majority of which, $14,000, comes in the wastewater water purchase account.

Overall the difference between the current budget is $28,500 less than the budget for the upcoming fiscal year.

Commissioners also passed a budget resolution to confirm the town’s tax rate, which will stay the same in the new year at 16 cents per $100 of evaluated property.

About Charles Curcio

Charles Curcio was the sports editor of the Stanly News & Press from 1999-2001 and has currently served in the same capacity since 2008. He was awarded the NCHSAA Tim Stevens Media Representative of the Year and named CNHI Sports Editor of the Year in 2014. He has also been honored four times by the North Carolina Press Association.

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