By Glynis Crawford Smith
The Highlander
The Granite Shoals City Council forged ahead on financial planning at a meeting Thursday, Aug. 24, despite unresolved differences on fire serve contracts.
The council held its first public hearings on a proposed budget of $7,568,765 budget, with ad valorem tax revenue based on a proposed rate of $0.56313 per $100 valuation.
The fund balance at the end of the 2017-2018 fiscal year is projected to increase by $48,367, bringing the total to $710,689.
“That is approximately 79 days of operation,” said Finance Director Wendy Gholson. “Our goal is a surplus of 90 days.”
Gholson said increasing the tax rate from $0.5472 per $100 value to the proposed $0.56313, based on the increase of property value in the city, should result in an additional $154,196 revenue.