The Oak Ridge North City Council held public hearings for the city’s proposed fiscal year 2019-20 tax rate and budget during a specially called session Aug. 19.
The city’s proposed tax rate for the upcoming fiscal year is set at $0.49 per $100 valuation, comprising a $0.2798 per $100 valuation maintenance and operations rate and a $0.2102 per $100 valuation debt service rate. The $0.49 mark, which is the city’s effective tax rate, represents a 1.9% increase over Oak Ridge North’s fiscal year 2018-19 tax rate of $0.4807 per $100 valuation.
The city’s proposed budget for FY 2019-20 features slight increases in both revenue and expenditures over its amended FY 2018-19 budget. Revenues are expected to increase 1.56% from $4.28 million to $4.35 million, while overall spending is projected to rise by around $1,000, or 0.03%.
The draft FY 2019-20 budget is similar to its FY 2018-19 financial plan, with most city departments experiencing no major budgetary shifts. Around $2.13 million is proposed for capital improvement projects, including the development of a regional detention pond, city drainage and park improvements, various equipment purchases and construction on the police department building.
No citizens spoke during either public hearing Aug. 19. The council will vote to adopt the proposed tax rate and budget at its Aug. 26 regular meeting.