Tyrone’s $5.7 million budget for next year will be up for final approval next Thursday.
One of the biggest items in this year’s budget is the town’s new library, which gobbles up nearly $1.73 million of the budget.
Property taxes fund 14 percent of this year’s budget, while sales tax account for nearly 12 percent of the budget. The town is also using more than $400,000 in reserve funds to balance this year’s budget.
The budget does include four new positions to the town’s current 32, including a police officer, stormwater engineer, a public works person and a part-time code enforcement officer.
Amos said this year’s budget has proven to be challenging because the town’s growth rate is slowing and the percentage of sales tax receipts continues to drop.
“Fayette County negotiated with Peachtree City to increase their portion of the LOST at the expense of the municipalities. Every year beginning with 2003 through 2005. Tyrone’s percentage of the LOST has been reduced,” Amos said.
The town does not plan to rollback the assessments, so three public hearings will have to be held before it can be approved. Amos expects Tax Commissioner George Wingo to release the final tax digest later this summer and all local governments will then determine the millage rate for the upcoming year.
After the millage rate is set, property tax bills will be sent out in the fall.