The details
The approved tax rate is $0.2277 per $100 valuation, which differs from the previous fiscal year's tax rate, $0.2509 per $100 valuation, as previously reported.
The budget allocates funding for city services, capital projects and operations for the year beginning Oct. 1. It includes appropriations for the general fund, water and sewer fund, debt service and the city’s economic development corporations, per the document.
Compared to last fiscal year, Magnolia's approved revenues saw a 16.9% increase to $9.4 million and a 16.5% increase in approved expenditures to $9.3 million, resulting in a surplus of $33,366, according to city documents.
The budget breakdown includes:
- Police department: $3.6 million
- Public works: $1.3 million
- Facilities: $1 million
View the budget summary below.
