Magnolia officials adopted a budget of more than $1.9 million for the 2022-23 fiscal year.
The majority of the town’s revenue comes from two sources, with $870,000 expected from ad valorem property taxes and $480,000 in sales taxes.
Other significant sources includes $110,000 each from car taxes and road taxes which are collected by the county and shared with the town, and $65,000 each from utility franchise fees and from Grand Gulf nuclear power plant assessments.
Among expenditure categories, the police department gets the largest share, more than $722,000. The next biggest share goes to the street department, more than $382,000.
Other categories include general administration, $303,000; revenue bond transfers, $197,000; fire department, $163,000; municipal court, $120,000; general government, $31,000; recreation, $7,350; and library, $4,900.
The separate water and sewer enterprise fund is projected to have balanced revenues and expenditures of $1.047 million.
Water, sewer and garbage fees are the largest revenues for the fund, with $475,000 for water, $345,000 for sewer and $115,000 for garbage collection. The budget also calls for $75,000 from capital improvement revenue.
Payroll and benefits, at $374,000, are the largest water fund expenditure. Contractual services are $246,000, and capital outlay is $118,000.
