On the heels of approving a millage rate increase earlier this month, Horn Lake aldermen Thursday evening approved their Fiscal Year 2018 municipal budget during a special meeting at City Hall.
The vote puts into motion a new budget that will be funded by a millage increase on taxes of four mills, as aldermen earlier approved setting the city’s portion of the tax bill at 50 mills for Horn Lake property owners.
Municipal governments in Mississippi are required to have fiscal year budgets approved and ready to put in motion on Sept. 15 for the period from Oct. 1, 2017-Sept. 30, 2018.
The Horn Lake budget approved Thursday night will have general fund revenue of $15.78 million, with just over $5 million of that coming in general ad valorem money to be raised.
With the budget approved, additional money will be spent on the police department, in street supplies and $400,000 will be placed into the municipal street fund on the expectation that the Memphis Area Metropolitan Planning Organization will cover 80-percent funding of $2 million in overlay improvements for Horn Lake Road.
City leaders were faced with taking action to cover losses from the hotel/motel tax levy, eliminated at the end of June 30 when the sunset was not extended by the Mississippi Legislature.
However, at the same time, expectations are that more revenue will come as the Core Five distribution center is being constructed along U.S. Highway 51 in Horn Lake and the, albeit slow, but continuing work to improve and renovate the Circle G Ranch property into a tourist attraction.
The budget will include just over $5 million for personnel services in the police department and about $468,200 in supplies.
Bob Bakken is Staff Writer and may be reached at 662-429-6397 ext. 240.