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TREZEVANT — Trezevant’s Board of Aldermen met in a called meeting Thursday night, June 27, and approved the second reading of the FY 2020 budget which goes into effect July 1. They also approved the second reading of an ordinance to raise water and sewer rates.
The city budget was approved with no increase in property tax which will remain at .71 cents per $100 of assessed value on all real and personal property. However the city will lean heavily on cash reserves to balance a proposed deficit in the Water and Sewer Department budget despite the recent increase in water rates.
The General Fund shows proposed total revenues of $385,900 and anticipated expenses of $385,809 but the General fund does have a solid beginning cash balance of slightly over $200,000.
The Water and Sewer Department will have proposed expenditures of $616,448 mostly due to $204,000 in capital outlay for upgrades to the water and sewer system. The proposed revenues are $412,458 creating a deficit in the budget. The town has a beginning cash balance of $327,355 which will cover the proposed deficit but put a large dent in cash reserves.