The general fund revenues come overwhelmingly from 3 sources which comprise over 80% of general fund revenues:
Local option sales taxes
Utility franchise taxes
The 2019-2020 budget keeps the property tax rate at 51.5 cents per $100 in property valuation. For more information on potential projects, view the infographic to the right, click here to read the budget message, or click here to view the City Manager's detailed budget presentation.
The general fund includes all departments with the exception of Water and Sewer and Stormwater. The breakdown of general fund expenditures are detailed on the infographic to the right.
The stormwater fund budget is $786,665. This funding comes from the stormwater fee on your water and sewer bills of $5 per month for residential customers. This money is used to improve storm drainage issues around town.
The proposed tourism fund is $105,000, and comes from hotel occupancy taxes paid by guests at Belmont hotels. This money is legally obligated to be spent by the Belmont Tourism Development Authority on items promoting Belmont as a tourist destination.
Water & Sewer Fund
The water and sewer fund budget is $10,767,254. The increased revenue is from new customers connecting to our system and from using money in the water and sewer savings account to pay for infrastructure improvements.
Water Rate Increase
The adopted 2019-2020 budget did not include a rate increase in the base rates and usage rates for water and sewer sales.