FISCAL YEAR JULY 1, 2020 – JUNE 30, 2021
LEVY ESTIMATE – BUDGET DOCUMENT
STATE OF WEST VIRGINIA
MUNICIPALITY OF SOPHIA, WEST VIRGINIA
In accordance with Code 11-8-14, as amended, the Council proceeded to make an estimate of the amounts necessary to be raised by levy of taxes for the current fiscal year, and does determine and estimate the several amounts to be as follows:
The amount due and the amount that will become due and collectible from every source during the fiscal year INCLUDING THE LEVY OF TAXES, is as follows:
REVENUE SOURCE
Unassigned Fund Balance 163,651
Property Taxes – Current Expense 138,774
Prior Year Taxes 12,000
Supplemental Taxes 3,600
Tax Loss Restoration 500
Tax Penalties, Interest & Publication Fees 180
Gas & Oil Severance Tax 3,000
Excise Tax on Utilities 36,000
Business and Occupation Tax 241,500
Wine & Liquor Tax 40,000
Fines, Fees & Court Costs 84,000
Licenses 8,000
Franchise Fees 18,000
IRP Fees (Interstate Registration Plan) 15,600
Private Liquor Club Fee 800
Rents, Royalties, and Concessions 4,875
Gaming Income 10,800
Reimbursements (Explain type of funds & amounts being transferred,
“Expenditures” tab Cell Reference A662 : D666) 3,000
Refunds 3,600
Accident Reports 1,200
Video Lottery (LVL) 5,400
TOTAL ESTIMATED REVENUE (GENERAL FUND) $ 794,480
COAL SEVERANCE TAX FUND
REVENUE SOURCE
Assigned Fund Balance $ 500
Coal Severance Tax 4,000
TOTAL ESTIMATED REVENUE (COAL SEVERANCE FUND) $ 4,500
General Coal Severance
Fund Fund
ESTIMATED CURRENT EXPENDITURES
Mayor’s Office 15,504 –
City Council 21,254 –
Recorder’s Office 7,752 –
Police Judge’s Office 5,172 –
City Attorney 5,000 –
Contributions to Comms/Authorities 3,000 –
City Hall 175,560 –
Other buildings 27,560 –
Public Works Department 91,378 4,500
Police Department 336,200 –
Street Lights 31,200 –
Playgrounds 5,500 –
Capital Projects – Public Safety 15,600 –
Capital Projects – Street and Transportation 53,800 –
TOTAL ESTIMATED EXPENDITURES $ 794,480 $ 4,500
MUNICIPALITY OF SOPHIA, WEST VIRGINIA
Regular Current Expense Levy
FISCAL YEAR JULY 1, 2020 – JUNE 30, 2021
Certificate of Valuation
Assessed Value Levy Taxes
for Tax Purposes Rate/$100 Levied
CLASS I
Personal Property $ 0 12.50 $ 0
Public Utility 0 0
Total Class I $ 0 $ 0
CLASS II
Real Estate $ 10,797,150 25.00 $ 26,993
Personal Property 186,552 466
Total Class II $ 10,983,702 $ 27,459
CLASS IV
Real Estate $ 13,248,300 50.00 $ 66,242
Personal Property 9,791,458 48,957
Public Utility 1,872,908 9,365
Total Class IV $ 24,912,666 $ 124,564
Total Value & Projected Revenue $ 35,896,368 $ 152,023
Less Delinquencies, Exonerations & Uncollectable Taxes 5.00% 7,601
Less Tax Discounts (use Total Projected Revenue to calculate) 2.00% 2,888
Less Allowance for Tax Increment Financing (if Applicable) 0
Total Projected Property Tax Collection $ 141,534
Less Assessor Valuation Fund 1.95% 2,760
(Subtracted from regular current expense taxes levied only)
Net Amount to be Raised by Levy of Property Taxes $ 138,774
STATE OF WEST VIRGINIA
COUNTY OF RALEIGH
MUNICIPALITY OF SOPHIA
I, Gary Basham, Recording Officer of said municipality, do hereby certify that the foregoing are true copies from the record of the orders made and entered by the council of the said municipality on the 19 day of March, 2020.
Gary Basham
(Signature)
Recorder
(Official Title of Recording Officer)
ID: 381901