Lula 2015 budget - 5 things to know
- General fund budget of $808,000 was adopted Monday night
- Budget includes new funding for parks and equipment maintenance.
- Local option sales tax is biggest revenue stream at $276,000.
- City remains dependent on SPLOST revenue for capital projects.
- Water/sewer fund budget also was approved.
Lula City Council unanimously adopted an $808,000 general fund budget for the 2015 fiscal year Monday night, pumping an additional $27,000 into improving local parks.
As a result of a rebounding economy and improving revenues, the budget once again includes no property taxes.
Lula, with a population of about 2,800, generates most of its revenue through local option sales taxes, or LOST. In fact, more than one-third of the budget, or $276,000, comes from LOST.
City Manager Dennis Bergin said Lula also remains dependent on special purpose local option sales tax, or SPLOST, revenue.
Lula is slated to receive about $1.2 million from the current SPLOST VI.
But Bergin said SPLOST VII needs to be approved by voters this fall if Lula is to address its substantial capital needs, including road resurfacing, park renovations and water and sewer infrastructure projects.
About $10,000 has been budgeted in the general fund for street repairs and maintenance.
City Council also approved the water/sewer fund of about $547,000.
Finally, thanks to conservative budgeting and improved revenue streams in the current fiscal year, City Council voted to fund $21,000 in liability insurance costs, $30,000 for Christmas decorations and $24,000 for an electronic marquee to advertise community events and more.