New London’s proposed $1.2 million budget to keep property tax rate same

Published 3:16 pm Sunday, May 28, 2023

New London’s proposed 2023-2024 budget once again keeps the property tax at 16 cents per $100 valuation.

The budget, which takes effect July 1 and runs through June 30, 2024, totals $1,229,850, more than the 2022-2023 budget, which was $1,179,718.48.

Of the total, $808,800 will go to the town’s General Fund. Major appropriations include $201,850 for capital improvements, $150,000 for staff salaries, $85,000 for business incentive grants and $50,000 for trash collection.

Aside from the General Fund, the rest of the budget includes $382,700 for wastewater, $27,000 for Powell Street funds and $11,350 for the cemetery fund. Major appropriations for these include $190,000 for water purchase, $93,000 for sewer treatment processing $73,400 for sewer system maintenance and repairs.

Whereas $45,750 was appropriated in last year’s budget to improve and expand the cemetery, only $3,150 was allocated for the upcoming fiscal year.

The revenue, which also totals $1.2 million, includes $340,000 in property taxes, $225,000 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 13 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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