FISCAL YEAR JULY 1, 2023 – JUNE 30, 2024
LEVY ESTIMATE – BUDGET DOCUMENT
STATE OF WEST VIRGINIA
MUNICIPALITY OF WELCH, 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
Nonspendable Fund Balance $ –
Unassigned Fund Balance 380,162
Property Taxes – Current Expense 190,729
Property Taxes – Excess Levy 101,029
Gas & Oil Severance Tax 20,000
Excise Tax on Utilities 90,000
Business and Occupation Tax 620,000
Wine & Liquor Tax 22,000
Hotel Occupancy Tax 15,000
Fines, Fees & Court Costs 5,000
Licenses 8,500
Franchise Fees 16,000
IRP Fees (Interstate Registration Plan) 120,000
Parks & Recreation 25,980
Rents, Royalties, and Concessions 22,900
Fire Protection Fees 54,200
Civic Center / Coliseum 95,500
Contributions from Other Entities 156,000
Contributions from other Funds 220,000
Gaming Income 11,500
Interest Earned on Investments 112,000
Reimbursements 10,000
Sale of Fixed Assets 1,000
Accident Reports 500
Video Lottery (LVL) 3,000
Miscellaneous Revenues 5,000
TOTAL ESTIMATED REVENUE (GENERAL FUND) $ 2,306,000
COAL SEVERANCE TAX FUND
REVENUE SOURCE
Assigned Fund Balance $ 100
Coal Severance Tax 15,000
TOTAL ESTIMATED REVENUE (COAL SEVERANCE FUND) $ 15,100
General Coal Severance
Fund Fund
ESTIMATED CURRENT EXPENDITURES
Mayor’s Office 20,430 –
City Council 54,470 –
Police Judge’s Office 1,000 –
City Hall 397,659 15,100
Parking 9,200 –
Police Department 512,100 –
Fire Department 54,200 –
Streets and Highways 566,800 –
Street Lights 65,000 –
Sidewalks 220,000 –
Public Transit 1,500 –
Parks & Recreation 11,500 –
Visitors Bureau 7,500 –
Fair Associations/ Festivals 102,000 –
Swimming Pools 64,400 –
Arts & Humanities 28,800 –
Playgrounds 2,000 –
Civic Center – Municipal Auditorium 183,400 –
Library 4,041 –
TOTAL ESTIMATED EXPENDITURES $ 2,306,000 $ 15,100
MUNICIPALITY OF WELCH, WEST VIRGINIA
Regular Current Expense Levy
FISCAL YEAR JULY 1, 2023 – JUNE 30, 2024
Certificate of Valuation
Assessed Value Levy Taxes
for Tax Purposes Rate/$100 Levied
CLASS I
Personal Property $ 0 12.04 $ 0
Public Utility 0 0
Total Class I $ 0 $ 0
CLASS II
Real Estate $ 7,070,250 24.08 $ 17,025
Personal Property 99,744 240
Total Class II $ 7,169,994 $ 17,265
CLASS IV
Real Estate $ 17,432,580 48.16 $ 83,955
Personal Property 13,752,527 66,232
Public Utility 7,741,586 37,283
Total Class IV $ 38,926,693 $ 187,470
Total Value & Projected Revenue $ 46,096,687 $ 204,735
Less Delinquencies, Exonerations & Uncollectable Taxes 3.00% 6,142
Less Tax Discounts (use Total Projected Revenue to calculate) 2.00% 3,972
Less Allowance for Tax Increment Financing (if Applicable) 0
Total Projected Property Tax Collection $ 194,621
Less Assessor Valuation Fund 2.00% 3,892
(Subtracted from regular current expense taxes levied only)
Net Amount to be Raised by Levy of Property Taxes $ 190,729
MUNICIPALITY OF WELCH, WEST VIRGINIA
Excess Levy/ Levies
FISCAL YEAR JULY 1, 2023 – JUNE 30, 2024
Certificate of Valuation
Assessed Value Levy Taxes
for Tax Purposes Rate/$100 Levied
CLASS I
Personal Property $ 0 6.25 $ 0
Public Utility 0 0
Total Class I $ 0 $ 0
CLASS II
Real Estate $ 7,070,250 12.50 $ 8,838
Personal Property 99,744 125
Total Class II $ 7,169,994 $ 8,963
CLASS IV
Real Estate $ 17,432,580 25.00 $ 43,581
Personal Property 13,752,527 34,381
Public Utility 7,741,586 19,354
Total Class IV $ 38,926,693 $ 97,316
Total Value & Projected Revenue $ 46,096,687 $ 106,279
Less Delinquencies, Exonerations & Uncollectable Taxes 3.00% 3,188
Less Tax Discounts (use Total Projected Revenue to calculate) 2.00% 2,062
Net Amount to be Raised by Levy for Budget Purposes $ 101,029
STATE OF WEST VIRGINIA
COUNTY OF McDowell
MUNICIPALITY OF WELCH
I, Robin G. Lee, 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 13th day of March, 2023.
Robin G. Lee
(Signature)
City Clerk
(Official Title of Recording Officer)
ID: 691938