FISCAL YEAR JULY 1, 2024 – JUNE 30, 2025
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 1,186,465
Property Taxes – Current Expense 1,004,059
Gas & Oil Severance Tax 10,000
Excise Tax on Utilities 290,000
Business and Occupation Tax 2,999,063
Wine & Liquor Tax 66,000
Animal Control Tax 1,000
Hotel Occupancy Tax 7,000
Insurance Premium Surtax 20,000
Sales Tax 1,791,333
Fines, Fees & Court Costs 77,730
Parking Violations 5,000
Licenses 35,000
Building Permit Fees 22,000
Miscellaneous Permits 900
Franchise Fees 60,000
IRP Fees (Interstate Registration Plan) 75,000
Collection of Delinquent Accounts 250
Rents, Royalties, and Concessions 45,000
Refuse Collection 536,100
Fire Protection Fees 7,000
Contributions from Other Entities 200
Gaming Income 8,000
Interest Earned on Investments 30
Reimbursements 250,000
Refunds 3,000
Commissions 2,000
Insurance Claims 5,000
Accident Reports 5,000
Bingo Revenues 100
Video Lottery (LVL) 29,000
Miscellaneous Revenues (provide details on ‘Explanations’ tab) 1,000
TOTAL ESTIMATED REVENUE (GENERAL FUND) $ 8,542,230
COAL SEVERANCE TAX FUND
REVENUE SOURCE
Assigned Fund Balance $ 13,665
Coal Severance Tax 17,500
Interest Earned on Investment 150
Reimbursements –
Refunds –
TOTAL ESTIMATED REVENUE (COAL SEVERANCE FUND) $ 31,315
General Coal Severance
Fund Fund
ESTIMATED CURRECT EXPENDITURES
Economic Development $ 235,177 $ –
Mayor’s Office 5,970 –
City Council 28,960 –
City Manager’s Office 275,158 –
Finance Office 470,285 31,315
City Clerk’s Office 70,925 –
Police Judge’s Office 86,650 –
City Attorney 127,865 –
Litigation Reserve 12,000 –
Regional Development Authority 6,500 –
Elections 8,800 –
City Hall 302,000 –
Other buildings 9,550 –
Other Buildings #2 170,500 –
Parking 1,500 –
Police Department 2,552,100 –
Investigative Services & Control 291,064 –
Fire Department 1,390,144 –
Streets and Highways 1,207,033 –
Signs and Signals 13,000 –
Central Garage 86,304 –
Public Transit 26,600 –
Garbage Department 689,653 –
Storm Sewer 15,428 –
Parks & Recreation 132,600 –
Visitors Bureau 6,500 –
Fair Associations/Festivals 35,000 –
Museum Commission 88,464 –
Library 126,500 –
Beautification Programs 55,000 –
Aging Program (Senior Citizens) 15,000 –
TOTAL ESTIMATED EXPENDITURES $ 8,542,230 $ 31,315
MUNICIPALITY OF PRINCETON, WEST VIRGINIA
Regular Current Expense Levy
FISCAL YEAR JULY 1, 2024 – JUNE 30, 2025
Certificate of Valuation
Assessed Value Levy Taxes
for Tax Purposes Rate/$100 Levied
CLASS I
Personal Property $ 0 12.46 $ 0
Public Utility 0 0
Total Class I $ 0 $ 0
CLASS II
Real Estate $ 83,155,560 24.92 $ 207,224
Personal Property 77,202 192
Total Class II $ 83,232,762 $ 207,416
CLASS IV
Real Estate $ 105,451,000 49.84 $ 525,568
Personal Property 54,428,483 271,272
Public Utility 24,055,667 119,893
Total Class IV $ 183,935,150 $ 916,733
Total Value & Projected Revenue $ 267,167,912 $ 1,124,149
Less Delinquencies, Exonerations & Uncollectable Taxes 7.00% 78,690
Less Tax Discounts (use Total Projected Revenue to calculate) 2.00% 20,909
Less Allowance for Tax Increment Financing (if Applicable) 0
Total Projected Property Tax Collection $ 1,024,550
Less Assessor Valuation Fund 2.00% 20,491
(Subtracted from regular current expense taxes levied only)
Net Amount to be Raised by Levy of Property Taxes $ 1,004,059
STATE OF WEST VIRGINIA
COUNTY OF MERCER
MUNICIPALITY OF PRINCETON
I, Kaitlyn Smith, 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 18th day of March, 2024.
Kaitlyn Smith
(Signature)
City Clerk
(Official Title of Recording Officer)
ID: 784165