City amends 2016 budget, approves 2017 budget

BY BROOKS TAYLOR

Mt. Pleasant News

Mt. Pleasant City Council members killed two birds with one stone in a special meeting Wednesday ? approving one budget and amending another.

Council members hosted a public hearing on the fiscal 2016-17 city budget. No one from the public attended the hearing and no written objections were received.

Following the public hearing, the council adopted next year?s fiscal budget. Property taxes will not increase for the budget, remaining at $12.18 per $1,000 taxable valuation. The budget calls for $27,127,859 in expenditures and $26,973,493 in revenue.

The city is anticipating a general fund beginning balance on July 1, 2016, of $2,890,969. The projected ending fund balance on June 30, 2017 is $2,444,493.

Purchase of a new fire truck, estimated at $450,000, is included in the budget.

Other budget significant items in the budget include a 2.5 percent salary increase for city employees, not covered by a union contract, and a 20-percent health insurance premium increase.

A $13 million increase in the city?s assessed valuation was a large factor in the council being able to hold the line on the levy.

Fiscal 2017?s residential rollback is 55.62 percent. That means that residential property will be taxed at 55.62 percent of its assessed valuation. The commercial and industrial property has a 10-percent rollback, and multi-residential property (i.e. apartment buildings) will be taxed at 86.25 percent of its assessed valuation.

Total property taxes generated by the levy are $3.39 million.

Prior to approving the budget, the council had a public hearing and approved an amendment to the fiscal 2016 budget.

?The amendment is needed primarily because we sold $3.8 million in bonds after the budget was certified and then put the money in escrow,? City Clerk Florence Olomon said.

In addition to the refinancing of the bonds, the budget amendment also includes payments for street projects, including the completion of North Iris Street and the beginning of Mapleleaf Drive. North Iris was started in fiscal 2015, and the bulk of Mapleleaf?s cost will come from the fiscal 2017 budget.

Construction of the new parks and recreation equipment building also was not included in the fiscal 2016 budget when filed and the amendment includes the cost of the building.

Council members will meet in regular session on Tuesday, March 8, at 5:30 p.m., in the council chambers of City Hall. The meeting is scheduled a day earlier than normal due to the announcement of the 2016 Midwest Old Threshers entertainment during an Alive After Five on Wednesday, March 9, at 5 p.m., at Main Street Cinemas.