FISCAL YEAR JULY 1, 2020 – JUNE 30, 2021
LEVY ESTIMATE – BUDGET DOCUMENT
STATE OF WEST VIRGINIA
MUNICIPALITY OF PRINCETON, 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 1,060,911
Property Taxes – Current Expense 871,558
Gas & Oil Severance Tax 8,000
Excise Tax on Utilities 290,000
Business and Occupation Tax 2,700,000
Wine & Liquor Tax 66,000
Animal Control Tax 800
Hotel Occupancy Tax 7,000
Insurance Premium Surtax 20,000
Sales Tax 1,200,000
Fines, Fees & Court Costs 106,000
Parking Violations 5,000
Licenses 35,000
Building Permit Fees 21,000
Miscellaneous Permits 900
Franchise Fees 60,000
IRP Fees (Interstate Registration Plan) 45,000
Collection of Delinquent Accounts 500
Rents, Royalties, and Concessions 45,000
Refuse Collection 563,000
Fire Protection Fees 7,000
Contributions from Other Entities 200
Gaming Income 10,000
Interest Earned on Investments 30
Reimbursements 250,000
Refunds 3,000
Sale of Fixed Assets 50
Commissions 2,000
Insurance Claims 15,000
Accident Reports 5,000
Recycling Program 100
Video Lottery (LVL) 27,000
Miscellaneous Revenues 3,000
TOTAL ESTIMATED REVENUE (GENERAL FUND) $ 7,428,049
COAL SEVERANCE TAX FUND
REVENUE SOURCE
Assigned Fund Balance $ 1
Coal Severance Tax 15,000
Interest Earned on Investment 21
Reimbursements –
Refunds –
TOTAL ESTIMATED REVENUE (COAL SEVERANCE FUND) $ 15,022
General Coal Severance
Fund Fund
ESTIMATED CURRENT EXPENDITURES
Economic Development $ 28,100 $ –
Mayor’s Office 3,930 –
City Council 21,300 –
City Manager’s Office 321,050 –
Finance Office 441,100 15,022
City Clerk’s Office 4,850 –
Police Judge’s Office 76,600 –
City Attorney 22,100 –
Litigation Reserve 10,000 –
Regional Development Authority 6,500 –
Elections 8,800 –
City Hall 383,200 –
Other buildings 8,700 –
Contributions / Transfers to Other Funds 3,600 –
Other Buildings #2 190,500 –
Parking 2,700 –
Contingencies 3,748 –
Police Department 2,291,525 –
Investigative Services & Control 267,000 –
Fire Department 1,246,746 –
Streets and Highways 966,550 –
Signs and Signals 9,000 –
Central Garage 71,900 –
Public Transit 26,600 –
Garbage Department 612,750 –
Storm Sewer 1,700 –
Parks & Recreation 157,100 –
Visitors Bureau 6,500 –
Fair Associations/Festivals 900 –
Museum Commission 75,000 –
Library 123,000 –
Beautification Programs 20,000 –
Aging Program (Senior Citizens) 15,000 –
TOTAL ESTIMATED EXPENDITURES $ 7,428,049 $ 15,022
MUNICIPALITY OF PRINCETON, 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 $ 67,434,750 25.00 $ 168,587
Personal Property 48,348 121
Total Class II $ 67,483,098 $ 168,708
CLASS IV
Real Estate $ 91,220,910 50.00 $ 456,105
Personal Property 45,086,590 225,433
Public Utility 22,543,621 112,718
Total Class IV $ 158,851,121 $ 794,256
Total Value & Projected Revenue $ 226,334,219 $ 962,964
Less Delinquencies, Exonerations & Uncollectable Taxes 6.00% 57,778
Less Tax Discounts (use Total Projected Revenue to calculate) 1.75% 15,841
Less Allowance for Tax Increment Financing (if Applicable) 0
Total Projected Property Tax Collection $ 889,345
Less Assessor Valuation Fund 2.00% 17,787
(Subtracted from regular current expense taxes levied only)
Net Amount to be Raised by Levy of Property Taxes $ 871,558
STATE OF WEST VIRGINIA
COUNTY OF Mercer
MUNICIPALITY OF PRINCETON
I, Kenneth Clay , 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 16th day of March, 2020.
Kenneth Clay
City Clerk
(Official Title of Recording Officer)
ID: 382998