Gray expects increase in revenues for coming year
The finance committee of the Gray City Council met last week to look at the 2019 budget and consider the millage rate for taxpayers.
The Aug. 30 meeting was called to order by Finance Chairman Councilman Terrell Fulford, and he led the committee through the financial documents that held the information about the projected revenues and expenses for the coming year.
The property tax revenues are anticipated to be down about $600 from the previous 2017 collections, but overall revenues are expected to increase by over $70,000.
The increase is attributed to a rise in Local Option Sales Tax collections, the insurance premium tax and a hike in business license fees.
Fulford said the property tax estimate was based on 88 percent collection of taxes due, however this year’s tax collections were at 98 percent.
Salaries were the largest increase in the 2019 budget, with the Gray Police Department receiving an additional $26,000 and municipal court salaries increasing $2,640. The street department had a salary reduction of $10,000.
At the conclusion of the brief meeting, the chairman suggested the city’s millage rate remain at 9.5 mills, and committee members agreed by consensus. Fulford said the millage rate would be placed on the September meeting agenda for a vote by full council.