The Fulton Town Council held public hearings regarding its 2021-22 budget and 2021 tax rate Wednesday, Sept. 8 and then approved both during its regular meeting.
One person spoke during the public comment portion regarding the tax rate, seeking clarification for what the tax revenue will be used for.
Fulton Mayor Kelli Cole said the extra money raised in tax revenue will be used to fund street repairs, drainage, and hire an additional employee.
The council then unanimously approved the 2021 tax rate of $0.242480 per $100 valuation.
The new rate consists of a Maintenance and Operations (M&O) rate of $0.1152 and an Interest and Sinking (I&S) rate of $0.12728.
The new rate is slightly higher than last year’s rate of $0.224791.
While the M&O rate has increased from last year, the I&S rate has decreased.
The budget was also unanimously approved.
The new budget will raise more revenue from property taxes than last year’s budget by $94,680, an 18.41% increase from last year’s budget. The property tax revenue to be raised from new property added to the tax roll this year is $5,181.