The Walnut Cove Board of Commissioners has unanimously approved a $1,695,015 budget for the 2015-16 fiscal year.
Under the approved budget the town’s tax rate, 40 cents per $100 of valuation, and water and sewer fees are expected to remain the same, although Town Manger Monty Stevens said expenses would be estimated to increase by $55,731.
“The repeal of the Privilege License decreased the revenues but are offset with the License Plate Agency which will be on-line shortly after the start of the fiscal year,” he said. Stevens estimated the LPA would provide the town with an additional $175,000 in revenue.
The adopted budget also includes a 2 percent merit increase for employee salaries.
Town gets zero interest loan
Stevens said the town had also recently received notification that it had been approved for a zero interest loan for $1,357,506 to improve the town’s waste water system.
The funds will be used to convert four of the town’s 12 lift stations to gravity fed systems over the next couple of years.
Stevens said that conversion would save the town money in power and phone bills and prevent future costs for repairs in the system.
Under the loan plant the town will develop an engineering plan for the work by Oct. 1 and submit a bid and design package to the state by Sept. 1, 2016.
The project is scheduled to be advertised for bids in May 2017 an construction is expected to start in the summer of 2017.
Nicholas Elmes may be reached at 336-591-8191 or on Twitter @NicholasElmes.