The Madison County Industrial Development and Building Authority approved its 2014 budget and water and sewer enterprise fund, as well as its tax rate Aug. 19.
The tax rate stayed steady at .952 mills. According to the IDA’s five-year tax history, this will generate an estimated $570,201 in property tax revenues for the industrial authority this year, as opposed to $579,744 last year, a 1.7 percent decrease.
The IDA budget expenses were up $58,440 or (12.8 percent) from $464,180 to $522,620. The biggest increase was in the water operating division, where projected expenses are up from $405,000 to $460,000.
Meanwhile, the county’s water and sewer enterprise fund will be up from $4,141,600 this year to $5,452,800 in 2014, an increase of 32 percent. The IDA has worked in recent years to put water and sewer lines in the county as quickly as possible, with the intent of luring new businesses to the county. The authority has taken out several loans from the Georgia Environmental Finance Authority (GEFA) recent years for infrastructure growth. The IDA has budgeted another $3.5 million in GEFA funds for 2014 as well as $500,000 from a One Georgia Grant. The authority anticipates $586,272 in revenue from its water system, which has 897 customers. The IDA expects $216,000 in revenue from tap and meter fees, $36,000 from its waste water billing and $190,000 from the special purpose local option sales tax (SPLOST).
The IDA will expend $720,000 to pay off GEFA loans in 2014. The group has budgeted $1.5 million toward capital projects and $2 million in waste water construction — expenses that are contingent on available GEFA funding.