Oxford City and County Approve Budget with Stable and Increased Taxes Respectively for FY2025

Oxford Approves Budgets with Tax Increases Ahead

In the charming city of Oxford, both the Board of Aldermen and the Lafayette County Board of Supervisors have recently wrapped up their budget discussions, and it seems like there’s quite a bit to unpack. On Thursday, the fiscal plans for 2024-2025 were approved, marking a significant moment for the local government and its residents.

City Budget: No Millage Increase for Residents

First up on the agenda was the city budget. Residents can breathe a sigh of relief as there will be no increase in the millage rate. The aldermen decided to keep the mill rate steady at 32.65, a decision that was met with no opposition during the public hearing. This means that the Oxford School District mill rate will remain at 61.51, leading to a combined total millage rate of 94.16 for city residents in the upcoming fiscal year.

To put this in perspective, the fiscal year for our city runs from October 1 to September 30, making it crucial for residents to understand how these rates impact their finances. This decision helps maintain a level of consistency for property owners, providing a bit of comfort in various economic uncertainties.

County Budget: A Slight Tax Increase Proposed

Meanwhile, the county has a slightly different story. The Lafayette County Board of Supervisors held a public hearing on their budget before greenlighting the overall plan. The budget includes a 2 mill increase in the ad valorem tax millage rate, pushing it from 35.51 to 37.51 mills for the next fiscal year. This marks the first millage increase since 2021, when the rate went from 34.51 to 35.51.

During the public hearing, around 30 residents showed up to express their views, and it was evident that not everyone was on board with the tax hike. Some concerned voices voiced their worries about the challenges property owners would face due to the increase. “Why not look for other ways to cut spending,” some asked, suggesting alternatives instead of raising taxes.

Trash Collection Rates on the Rise

Another hot topic was the proposed increase in trash collection fees. The Board of Supervisors is looking to raise rates from $12 a month to $20. This proposal has been on the table because the Solid Waste Department has been operating at a staggering $600,000 deficit. If residents don’t catch a break there, they can at least pay for their monthly bills in advance for the old rate if they act before October 1.

As expected, not everyone was thrilled with this sudden hike. Many residents expressed that they would have preferred a gradual approach, increasing fees by just a few dollars each year instead of a sudden jump of $8. Moreover, some pointed out that they felt blindsided by the announcement, wishing for more communication regarding the increases so they could prepare.

County Budget Revenue Projections

Looking at the bigger picture, the Lafayette County budget for FY2025 projects an estimated total revenue of $141,457,488. Interestingly, 29%, or roughly $41,266,440, is expected to come from the ad valorem tax levy. This marks an increase from the previous fiscal year, where only 26%, about $37,846,355, was derived from ad valorem taxes.

Fortunately, the Lafayette County School Board has decided against increasing the ad valorem tax millage rate for FY2025, keeping it steady at 68.70 mills. This decision provides some relief for families already grappling with rising costs elsewhere.

A Balancing Act Ahead

As both the city and county move forward with their budgets, there’s a feeling of cautious optimism in the air. Budget discussions can often come with their fair share of challenges, and it’s clear that while some necessary increases are brewing, many residents are hopeful that their voices will be heard as the local government works to balance needs with tax burdens.

In sum, whether you’re rooting for stability or gearing up for change, it’s evident that Oxford is at a significant crossroads. As the community continues to navigate these financial waters, only time will tell how well they’ll weather the fiscal storm ahead.