FISCAL YEAR JULY 1, 2021 – JUNE 30, 2022
LEVY ESTIMATE – BUDGET DOCUMENT
STATE OF WEST VIRGINIA
MUNICIPALITY OF PRINCETON, WEST VIRGINIA
In accordance with Code ยง 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 1,141,128
Property Taxes – Current Expense 883,120
Gas & Oil Severance Tax 10,000
Excise Tax on Utilities 290,000
Business and Occupation Tax 2,732,500
Wine & Liquor Tax 66,000
Animal Control Tax 1,000
Hotel Occupancy Tax 7,000
Insurance Premium Surtax 20,000
Sales Tax 1,249,404
Fines, Fees & Court Costs 87,868
Parking Violations 5,000
Licenses 35,000
Building Permit Fees 19,000
Miscellaneous Permits 900
Franchise Fees 60,000
Inspection Fees 2,000
IRP Fees (Interstate Registration Plan) 45,000
Collection of Delinquent Accounts 250
Rents, Royalties, and Concessions 20,000
Refuse Collection 536,100
Fire Protection Fees 7,000
Gaming Income 8,000
Capital Lease Revenues 25,000
Interest Earned on Investments 30
Reimbursements 250,000
Refunds 3,000
Commissions 2,000
Insurance Claims 5,000
Accident Reports 5,000
Recycling Program 100
Video Lottery (LVL) 29,000
Miscellaneous Revenues 1,000
TOTAL ESTIMATED REVENUE (GENERAL FUND) $ 7,546,600
COAL SEVERANCE TAX FUND
REVENUE SOURCE
Assigned Fund Balance $ 1,000
Coal Severance Tax 12,000
Interest Earned on Investment 3
TOTAL ESTIMATED REVENUE (COAL SEVERANCE FUND) $ 13,003
General Coal Severance
Fund Fund
ESTIMATED CURRENT EXPENDITURES
Economic Development $ 64,527 $ –
Mayor’s Office 5,830 –
City Council 27,500 –
City Manager’s Office 257,840 –
Finance Office 446,100 13,003
City Clerk’s Office 97,100 –
Police Judge’s Office 72,800 –
City Attorney 26,200 –
Litigation Reserve 12,000 –
Regional Development Authority 6,500 –
City Hall 293,900 –
Other buildings 8,700 –
Other Buildings #2 170,500 –
Parking 1,500 –
Contingencies 3,748 –
Police Department 2,357,680 –
Investigative Services & Control 267,000 –
Fire Department 1,299,632 –
Streets and Highways 985,850 –
Signs and Signals 10,000 –
Central Garage 71,250 –
Public Transit 26,600 –
Garbage Department 622,941 –
Storm Sewer 1,750 –
Parks & Recreation 152,500 –
Visitors Bureau 6,500 –
Fair Associations/Festivals 8,400 –
Museum Commission 75,000 –
Library 125,500 –
Beautification Programs 30,000 –
Aging Program (Senior Citizens) 15,000 –
TOTAL ESTIMATED EXPENDITURES $ 7,546,600 $ 13,003
MUNICIPALITY OF PRINCETON, WEST VIRGINIA
Regular Current Expense Levy
FISCAL YEAR JULY 1, 2021 – JUNE 30, 2022
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 $ 67,947,400 25.00 $ 169,869
Personal Property 103,368 258
Total Class II $ 68,050,768 $ 170,127
CLASS IV
Real Estate $ 92,169,280 50.00 $ 460,846
Personal Property 45,064,028 225,320
Public Utility 23,888,924 119,445
Total Class IV $ 161,122,232 $ 805,611
Total Value & Projected Revenue $ 229,173,000 $ 975,738
Less Delinquencies, Exonerations & Uncollectable Taxes 6.00% 58,544
Less Tax Discounts (use Total Projected Revenue to calculate) 1.75% 16,051
Total Projected Property Tax Collection $ 901,143
Less Assessor Valuation Fund 2.00% 18,023
(Subtracted from regular current expense taxes levied only)
Net Amount to be Raised by Levy of Property Taxes $ 883,120
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 15th day of March, 2021.
Kenneth Clay
City Clerk
ID: 487576