News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
The City of Algood approved its new fiscal year budget with no new property taxes Tuesday night.
The $3.86 million budget includes a $517,414 overage in expenditures that will be paid for by the fund balance. City Administrator Keith Morrison estimated the June 30 cash balance this year at $6.3 million. The budget passed on second reading Tuesday night after no citizens commented.
The budget includes just a $15,000 increase in local tax revenue from the 2020 actuals. Algood tax revenue dropped some $70,000 from the 2019 actuals to the the 2021 budget.
The property tax rate remains at $.4407 per $100 assessed value.
Morrison said the budget will be sent to the state earlier than ever.
The council also approved up to $5,000 for the purchase of a new storage building. The building will be used to clear room inside the community center being used by the Algood Senior Center for additional library space. Morrison said the two facilities will be clearing closets and rooms inside the center to provide more usable space. The building will be placed on the drive-thru space that has been closed.
