Budget

The following page the proposed budget for the City of Hamilton. The estimated budget reflects the income and expenses required by state law for the period of 5 years. The first years tax revenues will be held in escrow as required by the state. Municipal services funding is revenue derived from purely local sources to be payable annually (TCA § 6-1-201-A-2). Source of income is derived from local city property tax at a rate of 1.25% tax per $100. In year two and beyond additional revenue from other sources are available.

The budget is comprised of calculates for service responsibilities identified by the state and community. FOH worked with various local and state agencies along with surrounding municipalities to calculate the associated cost to support the services identified with minimal operational overhead.

Budget – City of Hamilton Budget for 5 Years
Income 1st Year 2nd Year 3rd Year 4th Year 5th Year
*$3.3M $3.6M $3.7M $3.7M $3.7M
Expense
Police $280K $206K $207K $208K $209K
Fire $488K $537K $591K $650K $715K
Public Works/Roads $854K $896K $933K $973K $1M
Planning $312K $241K $248K $255K $262K
Miscellaneous $80K $80K $80K $80K $80K
Emergency Fund $100K $200K $200K $200K $200K
Administration $903K $588K $603K $619K $635K
Total $3M $2.7M $2.9M $3M $3.1M

*1st year all tax revenue held in escrow , required by state. 1st year operational funds  generated through bond.

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