OXFORD -- The Oxford City Council is one step closer to finalizing some items from its budget.
During its monthly meeting on Monday, the council held the second reading of a resolution authorizing the mayor and City Council to increase the compensation level of the mayor from $3,500 annually to $6,000 annually and the City Council members from $2,500 each annually to $4,800 annually. The measure would become effective January 2012.
Afterward, the council unanimously approved the resolution. It repeals, revokes and supersedes all resolutions or ordinances in conflict with it.
The item already was approved by the City Council in the 2011-12 fiscal year budget, which was approved in June.
The city also plans to adopt a 7.06 millage rate for the budget year. Currently, the rate is 6.28, and the new rate would be the rollback rate, or the rate that the city would need to set in order to collect about the same amount of taxes as it did in the previous budget year.
At Monday's meeting, the council voted to set the millage rate at the rollback rate, but members will not officially adopt the rate until a special called meeting, scheduled for 6 p.m. Aug. 15 at Oxford City Hall, which is located at 110 West Clark St. in Oxford.
The budget accounts for $4,078,130 in expenditures and $3,969,717 in revenues; the $108,413 difference will be pulled from reserves to balance the budget. The city still is expected to receive about $4,000 less in revenues from collected taxes in the upcoming budget year as compared to the previous year.