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Budget, tax rate public hearings held

by | Sep 13, 2018 | Latest

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.

 

For the full story see the Sept. 13 issue or subscribe online.

 

By Joe Reavis • [email protected]

NTMWD 2025

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