Adopted 2018 - 2019 City Budget

General Fund


Revenues

The adopted general fund budget is $12,393,100.

The general fund revenues come overwhelmingly from 3 sources which comprise 80% of general fund revenues:
  • Local option sales taxes
  • Property taxes
  • Utility franchise taxes
The 2018-2019 approved budget increases the property tax rate from 47.5 cents per $100 to 51.5 cents per $100 in property valuation. The revenue from this tax increase will be dedicated to fund capital projects and equipment. For more information on potential projects, view the infographic to the right, click here to read the budget message, or click here to view the City Manager's detailed budget presentation.

Expenditures


The general fund includes all departments with the exception of Water and Sewer and Stormwater.  The breakdown of general fund expenditures are detailed on the infographic to the right.

Stormwater Fund


The stormwater fund budget is $452,411. This funding comes from the stormwater fee on your water and sewer bills and is to remain constant at $3 per month for residential customers. This money is used to improve storm drainage issues around town.

Tourism Fund


The proposed tourism fund is $90,000, and comes from hotel occupancy taxes paid by guests at Belmont hotels. This money is legally obligated to be spent by the Belmont Tourism Development Authority on items promoting Belmont as a tourist destination.

Water & Sewer Fund


The water and sewer fund budget is $7,573,219, a 17% increase from the current year’s adopted budget. The increased revenue is from new customers connecting to our system and from using money in the water and sewer savings account to pay for infrastructure improvements.  

Water Rate Increase
The adopted budget approved a 1% increase in the base rates and usage rates for water and sewer sales. This increase helps pay for upgrading our water and sewer system.


2018-2019 Adopted Budget Infographic