News

Mills River reserves up to $3 million

By Bill Moss, Published: July 7, 2014

MILLS RIVER — The Mills River Town Board in June adopted a $1.47 million budget that keeps the tax rate the same and holds the line on capital spending.

Of the town tax rate of 9.74 cents per $100 valuation, 7.5 cents goes to fire service. Administration, the town park and other functions are property tax proceeds and state and federal revenue. The town has reserves of $3 million, roughly double its annual budget.
"I believe that the FY 2014-2015 budget represents a frugal, focused and financially responsible plan for the Town of Mills River to provide existing and expanded services in the coming year," Town Manager Jaime Laughter said in a budget message.
The town expects to collect $715,000 in property tax revenue, $280,000 in state revenue, $240,000 in electric power franchise fees and $30,000 in ABC money.
Expenditures include $628,000 for administration, $71,133 for a sheriff's deputy contract, $597,000 for fire service, $40,800 for parks and recreation, $28,400 for economic development and $54,000 for repayment of a USDA loan used to build the Town Hall.
The council agreed to hold off on major park improvements in the upcoming budget year but may move ahead with projects if the town receives a state parks grant.