The City of Shenandoah City Council adopted its fiscal year 2012-13 budget last month, one that lowers the city's property tax rate from 32.37 cents per $100 of property valuation to 31.73 cents, a 2 percent decrease.
The city's general fund revenues for its new budget are $8.5 million, with its expenses at $8.3 million. The budget projects a surplus of revenues over expenses of $181,145. Jennifer Calvert, City of Shenandoah finance director, said the surplus will go back into the city's general fund.
Shenandoah's total budget, which combines the general fund, hotel occupancy tax revenue, debt services, water and sewer department and the city's special purpose fund combine for $13.8 million.
The city has projected a 3 percent increase in sales tax revenue, to $4.6 million. The approved 2011-12 projected $4.3 million in sales tax revenues.
"We just had phenomenal sales tax growth [in fiscal year 2011-12], far more than expected," Calvert said.
The 2012-13 budget projects $718,000 in hotel occupancy tax revenue. Calvert said for the coming budget year, the city's appraised value was set at more than $548 million.