MOUNT AIRY - With little discussion, the Mount Airy Town Council passed at their Monday meeting a roughly $4.25 million Fiscal Year 2015 general fund operating budget that raises no taxes on residents.
The FY15 budget will be larger than year's budget of about $4.09 million and adds more than $750,000 to the capital fund budget, which pays for equipment, street improvement projects and other expenses. The capital fund budget will increase to roughly $1.8 million, more than the about $1.46 million that is budgeted for this year.
Most of the revenue will come from local property taxes and shared state shared revenue. Local property tax revenue is projected to increase to a little less than $1.85 million.
The Town Council approved the budget after a brief public comment period in which no residents provided comments.
Mayor Pat Rockinberg said there was a projected increase in local property tax revenue during the public hearing. Officials in town have said the large increase in projected property tax revenue for FY15 is due to millions of dollars worth of new businesses and residences having been built in the last year.
The town's real property tax rate is 16.95 cents per $100 of assessed value.
The real property tax rate has remained the same since FY11.
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An amendment was made to the budget before its passage to add $3,000 for the local arts council, bumping the line item associated with recreation and culture to $7,000.