The City of Crossville passed a new fiscal year budget with no property tax increase.
The tax rate remains at .5901 cents per $100 of assessed value. Mayor James Mayberry said the tax rate is one of the lowest in the state.
“Our sales tax has not been hit as hard as bigger metro areas,” Mayberry said. “We raised our projected tax revenue slightly for the upcoming year to be able to work around and end up with a balanced budget.”
Mayberry said city officials did not believe it was the right time to raise tax rates with so many residents affected by the economic impact of COVID-19. He said the over $2 million budget passed unanimously.
Because of the city’s $14 million rainy day fund, Mayberry said he thinks Crossville will be just fine. He said another reason the city’s budget is in good shape is because they received a $284,980 Governors Local Government Support grant.
“We’ve got a really good city council that works together,” Mayberry said. “[The budget], it all made sense. There was no conflict at all, it was all agreeable.”
During the Monday meeting, talks for refinancing water and sewer debt as well as the general fund debt moved forward. Mayberry said this will save the city on debt retirement annual expenses.