Monday, August 22, 2011
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OXFORD -- The Oxford City Council has approved a new increased tax rate for the next budget cycle.
During a special called meeting on Monday, the council approved a 7.06 millage rate for the 2011-12 fiscal year budget, which was approved in June.
Previously, the rate was 6.28, and the new rate is the rollback rate, or the rate that the city would need to have in order to collect about the same amount of taxes as it did from the previous budget year.
The city still is expected to receive about $4,000 less in revenues from collected taxes in the upcoming budget year as it did in the previous year, city officials have said.
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.