The Petersburg Board of Mayor and Aldermen approved on second reading an ordinance adopting its fiscal year 2026-27 budget beginning July 1, 2026 and ending June 30, 2027. Before Mayor Shantel Gatlin called the monthly meeting to order, a public hearing regarding the budget was held. However, no one in attendance signed up to speak. The public hearing was adjourned.

Ordinance 2026-02 includes levying a property

^ tax of $.8330 per $100 of assessed value on all real and personal property in Lincoln County and a tax of $1.0716 per $100 of assessed value in Marshall County. The property tax rate is the same as last year, meaning there is no increase. It also states that, “during the coming fiscal year the governing” hasn’t planned any capital projects requiring funding. The fiscal year 2027 proposed budget includes the general fund, state street aid, sanitation fund and sewer fund.

• The General Fund total revenues are $317,750 of which $199,600 comes from local taxes; $3,000 from licenses and permits; $82,200 from intergovernmental and $32,950 from miscellaneous revenues, which is interest from the Local Government Investment Pool. LGIP is a type of investment vehicle that allows local governments to pool their funds for investment purposes to provide greater yield than possible on their own.

• General Fund expenditures include $204,640 for general government; $69,200 for salaries; $3,340 for Parks; and $24,000 for operating transfer to SSA (social security administration) for a total of $301,289. The town has two fulltime employees.

• The proposed beginning fund balance total is $719,919 on July 1, 2026, and the proposed ending fund balance on June 30, 2027, is $736,380.

• The proposed total revenues in the state street aid budget are $41,376; total proposed expenditures are $37,376.

• The proposed total revenue in the sanitation fund is $46,000 and the proposed total expenditures are $46,000.

• The proposed total operating revenues in the sewer fund are $3,900 and the proposed total expenditures are $800.

Section 3 of the ordinance states, “The governing body recognizes that the municipality has bonded and other indebtedness,” which is a state street loan from 2017, with $181,728 in outstanding principal as of June 30, 2026. The debt interest paid in fiscal year 2026 was $14,379 and the debt principal was $4,997 for total appropriations of $19,376.

Vice Mayor Kevin Coffield made a motion to approve Ordinance 2026-02 on second reading adopting the FY 2026-27 budget. Alderman Charles Gatlin seconded the motion which was unanimously approved. Aldermen Logan Jolly was absent from the meeting.

Mayor Gatlin said the approved budget would be sent to the state comptroller.

The board amended the agenda to include accepting the resignation of Alderman Randy McDonald and to include appointing Sheila Stephens to the board. Alderman Gatlin made the motion to amend the agenda. It was seconded by Vice Mayor Coffield and unanimously approved.

Alderman Gatlin made a motion accepting the resignation of Alderman Randy McDonald “post haste.” Vice Mayor Coffield seconded the motion, which was unanimously approved. McDonald submitted his resignation to the BOMA effective June 2, 2026, citing “the call of private life beckons.”

Alderman Gatlin made the motion to appoint Stephens as aldermen to fill the vacancy left after McDonald’s resignation. Gatlin said Stephens attends most all board meetings. “She has a great desire to be involved with what’s going on in our town,” Gatlin said. Vice Mayor Coffield seconded the motion, which was unanimously approved. Mayor Gatlin said Stephens will be sworn in to office by Judge JB Cox at the July 7, 2026, regular monthly meeting.