Oak Ridge North's fiscal year 2021-22 tax rate and city budget were unanimously approved by City Council during its Aug. 23 regular meeting.
Following public hearings on both items, council members voted 5-0 for a property tax rate of $0.4723 per $100 valuation, and a budget of $4.41 million in spending and $4.51 million in revenue. An approximately $98,500 surplus will be transferred to capital reserves.
The new tax rate is 0.23% higher than the city's current rate of $0.4712 per $100 valuation, and includes a $0.3063 maintenance and operations rate and $0.1660 debt service rate.
Spending and revenue set in the FY 2021-22 budget were both slightly increased from the city's amended FY 2020-21 budget.