- Last Updated on 07:38 AM 06/12/13
- BY Doug Ford
South Boston Town Council passed a $9.5 million 2013-14 budget on its first reading Monday night, the revenue figures representing a 17 percent decrease from the year before.
The approved budget, reflecting revenues of $9,559,927 and total expenditures of $9,559,927, contains no increases in tax rates, licenses or fees, with $500,000 set aside in the town’s fund balance for short-term expenditures.
Real estate continues to be taxed at 19 cents per $100 of assessed value and personal property at $2 per $100 of assessed value.
Meals tax will continue to be set at 4 percent and occupancy tax at 5.5 percent of room rate.
Revenues also include $200,000 of VRA bond issue proceeds for the Washington-Coleman project.
Expenditures include $130,609 for the first year of Washington-Coleman debt service, $200,000 for the Washington-Coleman project, $33,395 appropriated for contingencies and $50,000 in low-income housing initiatives.
The reduction in revenues was due to reduced borrowing for the coming fiscal year, according to Town Manager Ted Daniel.
A second reading of the 2013-14 budget is set for the June 24 work session.
Council also adopted its tax rate and fee list for the coming fiscal year at Monday’s meeting.