FISCAL YEAR JULY 1, 2022 – JUNE 30, 2023
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 327,293
Property Taxes – Current Expense 136,574
Prior Year Taxes 14,400
Supplemental Taxes 3,600
Tax Loss Restoration 500
Tax Penalties, Interest & Publication Fees 60
Gas & Oil Severance Tax 2,000
Excise Tax on Utilities 42,000
Business and Occupation Tax 239,500
Wine & Liquor Tax 56,000
Fines, Fees & Court Costs 84,000
Licenses 7,000
Franchise Fees 16,000
IRP Fees (Interstate Registration Plan) 24,000
Private Liquor Club Fee 2,000
Rents, Royalties, and Concessions 1,200
Gaming Income 10,800
Reimbursements (Explain type of funds & amounts being transferred) 12,000
Refunds 1,800
Accident Reports 1,200
Video Lottery (LVL) 5,400
TOTAL ESTIMATED REVENUE (GENERAL FUND) $ 987,327
COAL SEVERANCE TAX FUND
REVENUE SOURCE
Assigned Fund Balance $ 500
Coal Severance Tax 2,200
TOTAL ESTIMATED REVENUE (COAL SEVERANCE FUND) $ 2,700
General Coal Severance
Fund Fund
ESTIMATED CURRENT EXPENDITURES
Mayor’s Office 19,380 –
City Council 24,580 –
Recorder’s Office 8,100 –
Police Judge’s Office 5,172 –
City Attorney 1,800 –
Contributions to Comms/Authorities 1,500 –
City Hall 221,975 –
Other buildings 24,900 –
Public Works Department 119,340 2,700
Police Department 397,520 –
Street Lights 36,00 –
Parks & Recreation 1,200 –
Capital Projects – Public Safety 75,660 –
Capital Projects – Street and Transportation 50,200 –
TOTAL ESTIMATED EXPENDITURES $ 987,327 $ 2,700
MUNICIPALITY OF SOPHIA, WEST VIRGINIA
Regular Current Expense Levy
FISCAL YEAR JULY 1, 2022 – JUNE 30, 2023
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 $ 11,526,980 25.00 $ 28,817
Personal Property 224,556 561
Total Class II $ 11,751,536 $ 29,378
CLASS IV
Real Estate $ 12,957,750 50.00 $ 64,789
Personal Property 9,392,319 46,962
Public Utility 1,712,098 8,560
Total Class IV $ 24,062,167 $ 120,311
Total Value & Projected Revenue $ 35,813,703 $ 149,689
Less Delinquencies, Exonerations & Uncollectable Taxes 5.00% 7,484
Less Tax Discounts (use Total Projected Revenue to calculate) 2.00% 2,844
Less Allowance for Tax Increment Financing (if Applicable) 0
Total Projected Property Tax Collection $ 139,361
Less Assessor Valuation Fund 2.00% 2,787
(Subtracted from regular current expense taxes levied only)
Net Amount to be Raised by Levy of Property Taxes $ 136,574
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 17th day of March, 2022.
Gary Basham
Recorder