Adopted 2018 - 2019 City Budget
RevenuesThe 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 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.
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.