By Alyssa Schnugg
The Oxford Board of Aldermen and the Lafayette County Board of Supervisors each approved their 2022-2023 budget Wednesday that will not raise taxes for all local residents, in or outside of the city limits.
Before approving the budget, the Oxford Board of Aldermen approved the city’s millage rate staying at the current rate of 30.70.
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 also staying the same at 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, licenses and permits, ad valorem taxes and sales taxes, are projected to be near $40 million. There is about $5 million in cash being rolled over.
Taxes bring in the most revenue with $13 million expected in ad valorem taxes and sales tax should bring in $12 million.
The budget includes salary adjustments to raise the minimum wage for all full-time city employees to $16.41.
Expenses are projected to be $37.7 million.
The biggest chunk of change out of the budget goes to the Oxford Police Department which submitted an 11 million budget. The Fire Department has a $7.3 million budget.
Lafayette County’s millage rate is also staying the same at 35.51. The millage rate for school taxes is 100.87.
Projected revenues are $36 million with $26 million in expenses.
The Sheriff’s Department has a $7 million budget with an additional $3.6 million for the Detention Center.
The budget includes a $ 100-a-month raise for all full-time employees.