Thursday, November 30, 2023

Oxford Leaders Approve $40M Budget, Lower Taxes

By Alyssa Schnugg

News editor

The Oxford Board of Aldermen approved its 2021-2022 budget Tuesday evening that includes a small decrease in the city’s millage rate, which means property tax and car tags will be slightly cheaper this coming year.

The second reading and public hearing for the proposed $40 million budget was held last night during the Board’s regular meeting. No one spoke for or against the budget.

Before approving the budget, the Board approved the city’s millage rate at 30.70 — a .52 millage decrease, which amounts to about $250,000 in tax revenue.

All city employees hired before April will get a raise. Employees will have the choice of receiving either $2,500 or a 4-percent raise, whichever is more.

The Oxford School District mill rate is 61.51 making the total millage rate for city residents 92.21 for the upcoming fiscal year. The fiscal year runs from Oct. 1 to Sept. 30.

The projected revenues, which come from fines, forfeits, governmental services, license and permits, ad valorem taxes and sales taxes, are projected to be $34.2 million. There is about $6.8 million in cash being rolled over.

Expenses are projected to be $40.6 million.

Taxes bring in the most revenue with $10.2 million expected in ad valorem taxes and sales tax should bring in $10.8 million. Some other revenue sources include water and sewer bills, licenses and permits, recycling and the city’s swimming pool.

The biggest chunk of change out of the budget goes to the Oxford Police Department that submitted a budget of $9.8 million budgeted. The Fire Department has a $6.3 million budget that includes a new fire station in Oxford Commons. New to the city’s budget this upcoming fiscal year will be $776,187 for the new Animal Resource Center.