During a special called meeting of the Town of Petersburg Board of Mayor and Aldermen Tuesday evening, officials approved the town’s 2019-2020 budget on its second and final readings.
The budget, which lays out expenditures and revenues for the fiscal year that began July 1, 2019, and continues through June 30, 2020, was approved on its second reading. Then, following a brief recess, it was approved in its third and final reading.
While total funds available for the new budget amount to approximately $1.5 million, the general breakdown is as follows:
In the general fund, which includes local taxes, intergovernmental revenue, fines and forfeitures, miscellaneous revenue and fund balance, the total funds available amount to nearly $441,593. The state street aide fund, which includes intergovernmental revenue and the fund balance, amounts to almost $35,741. The drug fund, including court fines and costs, stands at approximately $1,919.
Total available water funds, including revenue and the fund balance, total about $998,295. The refuse fund, which includes revenue and the fund balance, totals $80,906.
Expenses for the town budget include general fund, general government expenses and the police fund, total $238,649. The state street aide fund totals $15,300. The total drug fund amounts to $50 and the total water fund amounts to $230,000. The total refuse fund amounts to $34,800. In all, total expenses amount to $538,799.
As stated in the ordinance for adopting the budget, none of the appropriations may be exceeded without appropriate ordinance action to amend the budget.
All of unencumbered balances of appropriations remaining at the end of the fiscal year will lapse and revert to the respective fund balance.