City budget will be voted on Sept. 5, effective Oct. 1
Olive Branch city officials are close to installing a new budget for the upcoming Fiscal Year 2024, set to go into effect on Oct. 1. The proposed budget was presented during Tuesday’s Board of Aldermen meeting by Mayor Ken Adams. Board members determined they will vote on the budget proposed at the meeting of Sept. 5. State law mandates a budget be approved by counties and municipalities by Sept. 15.
There will be no millage increase to Olive Branch property taxpayers. The millage rate will remain at 38.5 mills, a rate lower than the other cities in DeSoto County.
In the proposed Olive Branch budget, fire, police, and street departments will have the majority of proposed expenditures at 61.4 percent. The fire department will have 23.5 percent of the general fund budget, the police department 21.5 percent, and the street department will be assigned 16.4 percent of the city’s general fund budget.
Water and sewer improvements of about $19 million would be funded. Road overlays, road widenings, intersection improvements and intersection lighting projects would be covered by about $7.6 million.
Full-time city employees will receive a three percent cost of living adjustment and part-time employees will get a two-percent cost of living adjustment, step increases, additional positions and revised Public Works pay scales at an estimated cost of more than $1.85 million.
Seven new full-time positions were approved, with six of them being police officers as well as a safety officer/administrative assistant.
$4 million in paving projects were approved, $4.3 million allocated for a new water plant, located at the Craft Road water tower.
Other highlights in the budget is a $1.5 million hangar expansion approved and funded by the state legislature at the Olive Branch Airport; initial funding allocated to start design and construction of a new public works facility, animal shelter, and fire station; and Coronavirus Local Fiscal Recovery Funds and MCWI Funds of $19,138,555 have been budgeted for water and sewer infrastructure improvements outlined in the newly annexed area.
Operational expenditures of $87.1 million, capital expenditures of $61.3 million amounts to a total budgeted expenditures of $148.4 million.
