City Council gives final approval to budget
New budget includes no tax or fee increases, goes into effect July 1
in a short meeting on Monday night, Spartanburg City Council gave the city's fiscal year 2018-2019 budget unanimous approval for its second and final reading. The $40.8 million budget includes no tax or fee increases and shows four percent projected revenue growth, owing largely to growing in Hospitality Tax and Business License revenue, markers of a strong local economy according to Assistant City Manager, Chris Story.
However, much of that growth is absorbed in the budget by necessary expenditure increases for the City's equipment replacement fund, facilities maintenance, and City Employee medical insurance and retirement fund increases. The new budget goes into effect July 1. Details include:
• Three percent employee cost-of-living pay increase
• Seven percent increase for the medical insurance fund
• $250,834 for mandatory increases in employee retirement
• Increase of $50,000 for City’s legacy pension plan
• $220,000 for building facilities maintenance
• $1.49 million for equipment replacement
For more from Tuesday's Council meeting see the full video and roundup of our live tweets below.