Woodstock council approves budget
WOODSTOCK – The Town Council Tuesday approved its fiscal year 2018 budget that contains no increases in taxes or water and sewer rates.
The 2017-2018 budget totals $11,221,002 with a general fund that includes total revenues of $6,874,168 and the same for expenditures. This is higher than the 2016-2017 amended budget with total revenues of $6,036,875 and the same for expenditures.
The public utilities fund budget includes total revenues of $4,346,834 for 2017-2018 and the same for total expenditures. This is less than the 2016-2017 amended budget with $7,546,296 in total revenues and the same for total expenditures.
The real property tax rate is 16 cents per $100 of assessed value and the personal property tax rate is 90 cents per $100 of assessed value. There is also no change to the town’s water and sewer rate schedules for fiscal year 2018.
All council members approved the budget, except for councilman Mike Funkhouser, who was absent.
Town Manager Angela Clem said she praised the smooth adoption of the budget.
“I would like to express my appreciation to everyone who has worked very hard,” she said.
The council also approved a resolution approving a plan of finance to be undertaken by the town’s Economic Development Authority for conduit financing for the benefit of Shenandoah University.
The resolution states that the adopted resolution authorizes the issuance and sale of its educational facilities revenue bond in an aggregate principal amount not to exceed $10 million for the benefit of Shenandoah University. The proceeds of the bond will be loaned to the university to finance the acquisition, construction, renovation, rehabilitation and equipping of capital improvement projects, including the health professions building; classroom, office, laboratory, study, lounge, conference and event space; residential facilities; and additions to the new athletic field house.
Also at the meeting, council heard first readings to amend the town’s codes regarding license year, pro-ration of license tax, meals tax definition, exemptions, limits of application, penalty for overtime parking, and off-street parking reduction/exemption overlay.
Council set its next meeting date for 7:30 p.m. July 5.