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By David
Fisher Staff Reporter |
During Monday night’s meeting of the Weakley County
Commission, members agreed to postpone action on the
county’s budget for fiscal year 2007-’08, which calls for a
20-cent property tax increase, until after next week’s
public hearing set for 5 p.m. on Monday, July 30. They did,
however, take care of several important items of business.
2007-’08 Budget
At the request of Commissioner Richard Phebus, who serves as
Chairman of the Weakley County Commission, a resolution
making appropriations for various funds, departments,
institutions, offices and agencies of Weakley County, as
well as a second resolution fixing the tax levy for the
fiscal year beginning July 1, 2007 and ending June 30, 2008,
were both put on hold in order to meet the legal requirement
of announcing a public hearing 10 days prior to the event.
Phebus stated that from the time the announcement ran in the
newspaper until the earliest possible date to hold the
public hearing would be next Sunday, so the County
Commission would have to take place after that date.
During the public hearing the people of Weakley County will
have an opportunity to voice their opinions about the
proposed tax increase or other matters dealing with the
budget. The Commission will then address the tax increase
issue during their next meeting, which is scheduled for 5:30
p.m. on Tuesday, July 31.
If the proposed tax hike were approved, it would increase
the county’s property tax rate from $2.17 to $2.37 for an
increase of 20 cents per $100 of assessed value.
A breakdown of the distribution of the property taxes as
follows:
• General Fund = $0.68 cents
• School Fund = $0.88 cents
• Capital Projects = $0.025 cents
• Highway Fund = $0.185 cents
• Debt Service = $0.60 cents
This would increase the General Fund by 2 cents (from 66 to
68 cents), plus the General Fund would receive the Tennessee
Valley Authority (TVA) money which presently goes into the
School Fund; the Debt Service Fund would increase by 10
cents (from 50 to 60 cents); and the TVA money would be
shifted out of the School Fund and placed it into the
General Fund. For this reason, the School Fund would
increase from 80 cents of the property tax rate to 88 cents,
which is no difference in the total amount of money the
School Fund receives. The only difference is the source of
the funds.
The TVA money is
Weakley County’s share of the funds Tennessee receives from
TVA in lieu of taxes each year. TVA pays out approximately 5
percent of its revenues from the sale of electrical power to
the seven states making up the TVA. Tennessee takes a
percent of the money it receives from TVA and gives it to
county government to spend as needed.
(Read the rest of this story, plus much more in this week's print edition of the Dresden Enterprise.)