PSJ finalizes budget

Published: Thursday, October 3, 2013 at 12:16 PM.

Due to an increase in property values in the city, largely due to the construction and opening of the Dollar Market store on U.S. Highway 98, the millage is above the rollback rate of 3.5798.

The rollback rate is that millage at which the identical amount of ad valorem revenue would be generated as the current fiscal year.

The tax increase amounts to .32 percent.

The city budget includes a 5 percent increase in water and sewer rates, a 3 percent pay increase for employees and a few necessary major capital expenditures.

The city also has over $500,000 representing its settlement with BP over the Deepwater Horizon oil spill of 2010. Commissioners intend to hold a workshop in the near future to consider spending those funds.

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