The Forsyth Board of Aldermen approved a $3.5 million budget for the fiscal year 2020 at their monthly meeting on Aug. 19.
Forsyth operates under a fiscal year budget, as opposed to a calendar year. The approved 2020 budget will go into effect on Sept. 1.
In the 2020 Cash Balance Projections report, Forsyth Finance Officer Angela Welch said that the city will have an estimated beginning cash budget of $2,687,650. The report also states that the revenue for fiscal year 2020 is estimated at $3,456,202 and the expenses for fiscal year 2020 are estimated at $3,513,177. At the Aug. meeting, Welch said it appears the city will end fiscal year 2019 with a minor increase in sales tax revenues.
“In spite of the variations with the department of revenue collections, we finished this year up 5 % on sales tax,” said Welch. “Which is really good in a flood year. A lot of times we see it dip a little bit, so it’s holding its own.”
Among the highlights of the 2020 budget, Welch said all the city employees, across the board, will be receiving a 2.5 percent increase in pay. Welch said there are also a couple of main capital expenditures worth highlighting.
“The capital expenditures we’ve approved this year includes two new patrol cars for the police department. We’ve also included money for additional playground equipment,” said Welch. “Part of it is going to be on the current year budget and part of it on next year’s budget. We will be adding playground equipment to the Shoals Bend Park, along with two pavilions and picnic tables. Also, once the flood waters go down, we will be looking at how we can replace the existing playground equipment at Shadowrock Park.”
Welch added that the city runs a very stable budget, and they do what they can to make sure the budget comes out as a benefit of the citizens by providing them with the services they require. If the estimated revenue and expenses for 2020 remain consistent to what Welch is projecting, the city will have an estimated $2,630,675 to begin fiscal year 2021 with.
At the Aug. 19 meeting, aldermen also approved resolution 08-19-19, which is an increase to the tax levy for the 2019 tax year for general revenue in the city of Forsyth. The approved resolution will increase the current tax levy of 0.5416 to a tax levy of 0.5423 on $100 assessed valuation.
The approved increase will be levied upon all taxable property within the corporate limits of the city of Forsyth for the purpose of general funds. The approved levy will be made upon all property for which the assessment valuation has been made for the period commencing Jan 1, 2019 and which is to be collected beginning Nov. 1, 2019, according to the resolution.
Aldermen also approved a 2% trash rate increase at its Monday meeting.