From The Selma News:
No tax increase anticipated for Selma
No tax or rate increases are anticipated in balancing the town of Selma’s budget for 2007-2008 fiscal, according to Town manager Stan Farmer.
Farmer presented Town Council with basic projected revenue and expenditures for the upcoming fiscal year at a budget work session held Thursday in the town hall conference room.
The budget does not include salaries, benefits, or liability insurance. Those numbers will be discussed at a future budget work session, tentatively planned for May 17 at noon at town hall.
The budget for all departments (the general fund) totaled $14,111,814 for the 2006-2007 fiscal year. Without the items mentioned above, the budget for the 2007-2008 fiscal totals $11,084,141. That leaves just over $2.5 million for salaries, benefits and insurance.
Farmer told Council that the only department he’s "a little worried about," in terms of having the revenue to meet the above-mentioned items, is the electric department.
"We’re going to be cutting it a little a close," said Farmer.
A major item included in the electric department budget is $250,000 needed to run an electrical line from the town’s substation along Noble Street to tie in with Progress Energy’s line. Farmer said once that is done, the town will save $100,000 a year. He’d like to find a way to fund that in the upcoming fiscal year without taking on a loan.
Farmer said the town, as a whole, has fewer expenditures this year, due to paying off a loan for renovations at the train station, a fire truck, and another vehicle.