The Nocona City Council has opted to dip into its cash reserves to float its 2022-23 general operations budget and has proposed the “no-new-tax-revenue” rate of .3801 cents per $100 in property value for 2022.
Councilors met last week to hear recommendations from the finance committee and City Manager Lynn Henley.
Cities are required by the Texas Constitution to adopt a balanced budget, so Nocona will take $128,075 out of its cash balance to fund the proposed $2,648,995 in expenses. Projected revenue is at $2,520,920.
Henley said the council was adamant about not going up on taxes or utility rates in light of the inflation and economic issues many are facing. City Secretary Revell Hardison said if they had gone up to the maximum allowed before a rollback election it would have generated only $6,000 to $7,000.
The proposed rate is .3801 cents, compared to .4413 cents in 2021.
Read the full story about the proposed budget in the mid-week Bowie News.