Holly Springs Considers Millage Rate Increase
The new rate is considered 'revenue neutral."
A millage rate increase is on the horizon for Holly Springs residents.
The City Council tonight will hold a public hearing on the proposed millage rate increase during its meeting tonight. The hearing will begin at 7 p.m. and will be followed by its regular meeting at the city's municipal court chambers at 3235 Holly Springs Parkway.
The city’s current millage rate is 5.469 and city staff recommends raising the rate to 6.055.
The proposed rate is considered "revenue neutral" as the city expects to collect the same amount of property taxes due to the decline in property values. City Manager Rob Logan said the rate will fill a shortfall of about $150,000 in the city's general fund budget.
The rate is set ahead of the city’s 2013 budget, which runs on a calendar year. Logan said the budget is normally adopted in November.
The council will also consider awarding stormwater projects for J.C. Mullins Baseball Field and Hickory Road to Excelsis Construction for $19,067.80 and 2012 resurfacing Project to Colwell Construction Company for $284,005.09.
County Commission Chairman Buzz Ahrens will also speak to the council about the upcoming Nov. 6 referendum to impose a one percent Homestead Option Sales Tax. The revenue generated will be used to roll back county property taxes.