By Lena Mitchell/NEMS Daily Journal Corinth Bureau
CORINTH – The Corinth Board of Aldermen is set to adopt a fiscal year 2012 budget during a 5 p.m. special meeting today. State law requires budgets to be finalized by Sept. 15.
With a significant amount of belt-tightening, budget reductions to some departments and concessions from other city departments and outside agencies, the budget will not require an ad valorem tax increase.
Through a combination of finding revenue in addition to sales and property taxes, the budget reflects a significant reduction to outside agencies.
The city collects 1.5 mills to operate Corinth Library, but the library has agreed for one year only to allow the city to retain the millage, about $125,000, to bolster the city’s general fund.
Outside agencies also felt the impact of reduced city revenue.
The budget for Our Resource Center, an outreach center for people with mental illness, was eliminated, as was funding assistance to the Verandah House, the CARE Garden and Northeast at Corinth.
After extensive consideration and debate the board will not seek a $1 million bond issue to fund several public works projects at this time. Instead, if the city receives grant awards that require a financial match, they will look to the $1.2 million city reserve fund or possibly reconsider a bond issue at a later time.
Another long-term issue the board will consider is revisions to holiday accrual for the fire department and the police department, a budget category that imposes a significant financial liability on the city as the policy is presently constructed.
City board members agreed to hold work sessions to address this question after they obtain an attorney general’s opinion, with a goal of having it resolved by early November.