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Oakwood OKs $5.7 million budget for 2018 fiscal year, which starts Jan. 1
Oakwood City Hall.jpg

A $5.7 million budget was approved Monday night by Oakwood City Council.

The budget includes a general fund of $4.3 million, sewer fund of $823,200 and special purpose local option sales tax fund of $610,200.

“It’s a flat-line budget, no real major changes, just maintaining operations,” City Manager Stan Brown said after the meeting.

He also noted that Oakwood’s tax rate will stay the same in 2018.

City Council voted at an earlier meeting to set the rate at 4.174 mills, with 1 mill equal to $1 for each $1,000 in assessed property value.

For the South Hall city to remain revenue-neutral, it would have had to drop the rate to 3.937 mills. So, for those who saw values rise, their taxes would go up. Taxes would stay the same for those who saw values stay the same or go down for those who saw values drop.

The increased tax revenue is due to higher property assessments.

The council’s “direction is to maintain the current rate in order to meet 2018 budget goals and accommodate anticipated 2018 expenses for operating, capital and debt service,” Brown has said.

The new budget year starts Jan. 1.

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