McCaysville city officials are expecting $3,018,455 to come into the city treasury during their fiscal year ending June 30, 2021, in order to balance the General Fund and Water and Sewer budgets.
The figure combines all the revenue accounts that were included in the 2021 budget approved at the Tuesday, August 11, city council meeting.
Of that total, $957,305 was budgeted to cover General Fund expenses and $2,061,150 is expected in order to cover expenses associated with the water and sewer operations.
In order to reach the revenue totals, $36,540 will be used from the city’s reserve accounts, which inclues $10,090 for the General Fund and $26,450 for Water and Sewer.
The city used $526,386.19 from reserves to cover the General Fund budget in 2020, which included $396,637.90 applied to the city park budget in relation to the OneGeorgia grant expense the city was forced to pay.
Besides accepting the projected budget, city officials also set the millage rate at 3.540. This rate is higher than the 2019 millage rate of 3.48, but is described as the “rollback rate” because it will generate the same projected amount of property taxes as in the prior year.
The millage rate increased because the value of real property in the city decreased.
Fannin County Chief Tax Appraiser Dawn Cochran explained the day after the council meeting that the decrease in property value was based off recent sales in the city and real estate sale prices are down, she said.
The net digest for McCaysville dropped from $29,014,918 in 2019 to $26,978,224 in 2020.