MAGNOLIA SPRINGS - During the Sept. council, Magnolia Springs approved its 2020/21 budget. The General Fund Budget for the next fiscal year comes in at $578,423.96. The estimated expenditures for the …
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MAGNOLIA SPRINGS - During the Sept. council, Magnolia Springs approved its 2020/21 budget. The General Fund Budget for the next fiscal year comes in at $578,423.96. The estimated expenditures for the 2020/21 year are $576,473.31, leaving the town a net income of $1,950.65.
The new budget includes the increased sales tax that the council approved during its Aug. meeting, as well as the doubling of business license fees.
“Our business license fees have never been adjusted,” said Mayor Kim Koniar. “When you do a comparison to other municipalities, we’re less than half of other municipalities. The cost alone it takes us to process those is quite cumbersome.”
The Public Works Department budget has increased, coming in at $242,100. Of that, $20,400 has been budgeted for new equipment for the town. $90,000 is set aside for the new stoplight being put up at the intersection of Highway 49 and County Road 98 in partnership with ALDOT. Street and right of way repairs are budgeted at $46,000, though Koniar says it may be more.
$50,000 is budgeted for FEMA cleanup, which may come in at more or less. The Tree Committee has been budgeted $8,400, and Public Lands and Beautification has a budget of $5,180.
“So as you can see, we have to go up on our business licenses, it’s imperative,” said Koniar. “Our two biggest revenues are business license fees and sales tax, and we’ve already agreed to increase the sales tax.”
To view a copy of the town’s budget, check out www.townofmagnoliasprings.org.