The Collierville Board of Mayor and Alderman unanimously approved the town’s operating and capital funds budget for the next fiscal year.
Town Administrator James Lewellen presented the resolution and laid out the changes, updates, and highlights of the new budget Monday night during the Board’s regularly scheduled meeting.
“It’s been a difficult budget year to put together,” Lewellen said. “It took a lot of work sessions by the Board of Mayor and Alderman and it took a lot of work from the department heads. So, there’s a lot of credit that needs to be given out to everyone’s hard work.”
The $165 million budget encompasses all town general fund expenditures, including $89 million in general funding for Collierville Schools. In addition to this budget is $8.5 million in general capital improvement funding, $3 million in school capital improvement funding, and $2.8 million in school nutrition funding.
Lewellen said that in accordance with the budget the town is spending 48.8 percent of the budget on the protection of citizens and property, 21.5 percent on infrastruc-
ture and road improvements, 12.7
on parks and green spaces and 16.8 percent on everything else.
He also said that 18 of the 22 budget divisions decreased from last year.
The town will be funding 3-percent employee pay increases, hiring six new police officers and buying seven new patrol cars for the Collierville Police Department.
Lewellen began his presentation by pointing out that state and local real property assessed values were only growing marginally and that Collierville only increased by 1.5 percent. The total assessed property value in Collierville was $1.7 billion.
Personal assessed property value declined 15 percent, from $71 million last year to $60 million this year.
The town’s property tax rate will remain the same at $1.83 per $100 of assessed property value.
Lewellen said Collierville both was in and exceeded compliance regarding state and federal rules and regulations.
“In summary of the budget, we are living within our means,” Lewellen said. “We cut our operations budget and we found ways to accomplish our most important goals. We’re being responsible. We’re funding our obligations and we have things in place which will improve our financial picture over the next five years.”