Murphy City Council conducted public hearings on the 2018 property tax rate and the 2018-’19 budget last week and this week prior to adopting both at a meeting Tuesday, Sept. 18.
The public hearings were conducted Tuesday, Sept. 4 and Tuesday, Sept. 11.
City Manager Mike Castro recapped the proposed budget, pointing out that the city estimates general fund revenues at $15.3 million and expenses at $15.6 million. The anticipated deficit of $272,240 will be covered from reserve funds.
Murphy anticipated a deficit in fiscal year 2017-’18 but will wind up the year Sept. 30 with a general fund surplus of $157,410, Castro reported. The city reserve fund balance will be $5.2 million at the end of the current fiscal year, an amount equal to 32 percent of expenses.
By Joe Reavis • [email protected]