FISCAL YEAR JULY 1, 2023 – JUNE 30, 2024
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 450,000
Property Taxes – Current Expense 146,485
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 258,000
Fines, Fees & Court Costs 72,000
Licenses 6,000
Franchise Fees 14,000
IRP Fees (Interstate Registration Plan) 24,000
Private Liquor Club Fee 2,000
Rents, Royalties, and Concessions 2,400
Gaming Income 10,800
Reimbursements 12,000
Refunds 1,800
Accident Reports 1,200
Video Lottery (LVL) 6,000
TOTAL ESTIMATED REVENUE (GENERAL FUND) $ 1,125,245
COAL SEVERANCE TAX FUND
REVENUE SOURCE
Assigned Fund Balance $ 500
Coal Severance Tax 4,800
TOTAL ESTIMATED REVENUE (COAL SEVERANCE FUND) $ 5,300
General Coal Severance
Fund Fund
ESTIMATED CURRECT EXPENDITURES
Mayor’s Office 19,380 –
City Council 24,580 –
Recorder’s Office 8,100 –
Police Judge’s Office 5,220 –
City Attorney 3,600 –
Contributions to Comms/ Authorities 1,500 –
City Hall 230,015 –
Other buildings 30,300 –
Public Works Department 114,720 –
Contingencies 112,500 –
Police Department 399,920 –
Streets and Highways – 5,300
Street Lights 36,000 –
Playgrounds 1,200 –
Capital Projects – General Government 19,850 –
Capital Projects – Public Safety 15,660 –
Capital Projects – Street and Transportation 102,700 –
TOTAL ESTIMATED EXPENDITURES $ 1,125,245 $ 5,300
MUNICIPALITY OF SOPHIA, 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 12.50 $ 0
Public Utility 0 0
Total Class I $ 0 $ 0
CLASS II
Real Estate $ 11,737,780 25.00 $ 29,344
Personal Property 243,558 609
Total Class II $ 11,981,338 $ 29,953
CLASS IV
Real Estate $ 13,472,000 50.00 $ 67,360
Personal Property 10,772,023 53,860
Public Utility 1,875,712 9.379
Total Class IV $ 26,119,735 $ 130,599
Total Value & Projected Revenue $ 38,101,073 $ 160,552
Less Delinquencies, Exonerations & Uncollectable Taxes 5.00% 8,028
Less Tax Discounts (use Total Projected Revenue to calculate) 2.00% 3,050
Less Allowance for Tax Increment Financing (if Applicable) 0
Total Projected Property Tax Collection $ 149,474
Less Assessor Valuation Fund 2.00% 2,989
(Subtracted from regular current expense taxes levied only)
Net Amount to be Raised by Levy of Property Taxes $ 146,485
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 16th day of March, 2023.
Gary Basham
(Signature)
Recorder
(Official Title of Recording Officer)