VERNON - Vernon City Council has approved its tentative budget and millage rate.
At a recent meeting, the council approved its fiscal year 2018-19 budget at $2,997,128.46 and millage rate at 4.8282.
The council will hold a final budget hearing on Monday night.
The FY18-19 budget reflects a significant increase in income over last year's in the general fund. As a result of the council unanimously voting last year in September to double the millage rate from 2.38 mills to 4.82 mills, income from ad valorem taxes went from about $40,000 to $81,691.
The city did not increase its ad valorem rates this year and approved it at the same as last year's 4.8282 mills. Also, a franchise fee hike has also resulted in a increase in income, which increased the general fund budgeted amount of $40,000 in FY17-18 to $64,000 in the upcoming budget.
According to a statement from City Clerk Tracy Walker, "the franchise fees and utility taxes increased from last year by just over 60-percent from last year's budget," however, the difference is based on actual money collected, not the budgeted amount.
Of the total budget, $1.6 million will come from federal programs and is earmarked for federal projects.
A breakdown of the FY18-19 budget is as follows: general fund - $496,192.24, special revenues - $1,677,638.75 and enterprise fund - $823,297.47.
Vernon City Council will hold its final budget hearing Monday at 6 p.m. at Vernon City Hall, 2808 Yellow Jacket Drive. The council meets regularly on the first and third Monday of the month.