New London’s proposed $1.2 million budget to keep property tax rate at 16 cents

Published 3:10 pm Thursday, June 9, 2022

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New London’s proposed 2022-2023 budget keeps the property tax at 16 cents per $100 valuation.

The budget, which takes effect July 1 and runs through June 30, 2023, totals $1.2 million, about 30 percent more than the 2021-2022 budget, which was $905,600. Ot the total, $777,000 will go to the town’s General Fund. Major appropriations include $135,000 for capital improvements, $115,000 for staff salaries (thanks to American Rescue Plan monies) and $100,000 to maintain/repair New London Memorial Park.

Aside from the General Fund, the rest of the budget includes $327,000 for water and sewer, $53,650 for the cemetery fund and $22,500 for Powell Street funds. Major appropriations for these include $174,000 for water purchase, $77,000 for sewer treatment processing $50,000 for sewer system maintenance and repairs and $46,000 to improve and expand the cemetery.

The revenue, which also totals $1.2 million, includes $260,000 in property taxes, $200,000 in sales and use tax and $175,000 in franchise tax.

The town board will hold a public hearing and vote on the proposed budget at 7 p.m. June 21 at the New London Community Center.

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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