OXFORD -- The Oxford City Council is expected to decide on a compensation and millage rate increase next month after holding more discussions this month.
During its monthly meeting and a public hearing on Monday, the council held the first 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 from $2,500 annually to $4,800 annually. The changes would become effective January 2012.
The item already was approved by the City Council in the 2011-12 fiscal year budget, which was approved in June.
The budget accounts for $4,078,130 in expenditures and $3,969,717 in revenue; the $108,413 difference will be pulled from reserves to balance the budget.
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 have in order to collect about the same amount of taxes as it did from the previous budget year.
Still, City Manager Clark Miller said the city will receive about $4,000 less in revenues from collected taxes in the upcoming budget year compared to the previous year.
The council plans to hold a special called meeting at 6 p.m. Monday, July 18, for zoning and to accept the new millage rate. However, the council isn't expected to accept the rate until its next monthly meeting, which is scheduled for 7 p.m. Monday, Aug. 1.
Also at the monthly meeting, the council is expected to vote on the compensation increase.