LaGRANGE — City Council members approved LaGrange’s 2015-16 budget during a council meeting Tuesday.
The budget shows $113,849,291 in revenue and $110,000,867 in expenses, which is 14 percent less than last year’s total.
Mayor Jim Thornton said he was proud to announce that the coming fiscal year will be the 17th in a row in which the city’s residents will not have to pay city property taxes.
“We’re happy that we’re able to budget so that our residents won’t have to pay property taxes for next year,” said Thornton. “That is something I know our residents are happy about, and we’re proud that we can help save them that cost.”
City residents still have to pay tax millage to Troup County and the Board of Education.
City staff expects by the end the current fiscal year, June 30, to carry over about $40 million in available funds, not included in the expected 2015-16 revenue of about $113.8 million.
“The City of LaGrange is in very healthy financial shape,” said Tom Hall, city manager. “Our budget is down 14 percent, and we also have enough funds to add to our cash reserves.”