BY SARAH GREGORY
Budget development for fiscal year 2014 is well underway, and the Town of Greeneville appears on track to have a balanced budget passed before the June 30 end of the 2012-2013 fiscal year, according to City Administrator Todd Smith.
That news came during a budget hearing following Tuesday's meeting of the Greeneville Board of Mayor and Aldermen.
"The budget's actually coming along quite well," Smith told the aldermen and audience in the G. Thomas Love Boardroom at the Greeneville Light & Power System building.
"I think, depending on the speed and interest of the board, we're going to be able to present a budget to you very quickly," he said.
Smith told the board that a budget proposal may be made to the board during their next meeting on June 18.
A second and final reading could come on June 25.
If the budget is presented and passed on those dates, the Town could have the 2014 fiscal year budget in place prior to the conclusion of the 2013 fiscal year on June 30.
The "hang-up," however, Smith said, could come from the state.
"Property values may have decreased since the previous year," he said. That means that the state will "equalize that rate to keep our revenue neutral from the previous year," Smith explained.
"We can't pass a budget until we do get that rate," he said.
Mayor W.T. Daniels noted that property tax rates may see adjustments because of the state's action, but clarified that they are not technically "tax increases."
"You have to adjust the rate to maintain the same revenue," Daniels said.
'AT A GLANCE'
Smith provided a "budget at a glance" document to aldermen to outline basics of the fiscal year 2014 proposal.
The document outlined property tax, local sales tax, and state sales tax revenues.
Total revenues for fiscal year 2014 are projected to be $21,127,853, or $319,502 lower than fiscal year 2013's budgeted revenues of $21,447,355.
The proposed revenue forecast represents a decrease of 1.49 percent.
The "at a glance" document lists the Town's unrestricted fund balance as of the end of the fiscal year 2012 as $6.7 million.
The estimated current unrestricted fund balance for fiscal year 2013 was listed as $5.95 million.