City of Columbus makes plans for next year’s budget
City Leaders Navigate Budget Challenges
COLUMBUS, Miss. (WCBI) – Columbus city leaders are in the midst of finalizing plans for next year's budget. The main focus has been on determining the city's millage rate, which serves as the basis for property tax calculations. Despite the initial decision to lower the millage rate from 54.11 to 53, the recent increase in property values in Lowndes County has resulted in higher tax bills for property owners.
Consideration of Further Reduction in Millage
After reassessing the figures and consulting with the tax assessor, the council is contemplating an additional decrease of one and a half mills. However, this proposed reduction would necessitate budget cuts that could impact various areas of city expenditure.
Budget Implications
Columbus Financial Officer, Jim Brigham, highlighted the potential consequences of a millage reduction, stating that a drop to 51.5 mills would lead to a decrease of approximately $300,000 in the budget. This reduction could jeopardize planned pay increases and other essential expenses such as vehicle maintenance and capital investments.
Public Hearing and Deadline
A public hearing regarding the budget is scheduled for September 6th. The city is required to finalize its millage rate by this date and approve the budget by September 13th. The difference of 1.5 mills, from 53 to 51.5 mills, translates to an estimated $28 increase in property taxes for a home valued at $173,000.
In conclusion, the city of Columbus faces significant budget challenges as leaders strive to strike a balance between essential expenses and tax rates. The upcoming decisions regarding the millage rate will have a direct impact on the financial landscape of the city for the next fiscal year.