Vicksburg Main Street anticipates the special 5.05-mill property tax for the downtown district to raise about $43,710, according to the proposed fiscal 2015 budget approved Thursday by the Main Street Board of Directors.
The Board of Mayor and Aldermen must also approve Main Street’s budget. A public hearing on the special millage, which must be renewed annually, is set for Aug. 25.
“This budget is based on the same income we had in (fiscal) 2014, Main Street executive director Kim Hopkins said. “It’s based on projections on the total amount of money we received last year.”
Property owners in the downtown district, which is bounded by Jackson, Madison, Mulberry and Cherry streets, pay the special tax.
It is the main source of operating revenue for Main Street, which also receives a subsidy from the city, which covers the salaries of Hopkins and her administrative assistant, advertising for Main Street programs and supplies for the Vicksburg Farmers’ Market. The city spent $131,200 in 2012, and allocated $126,961 approved in the fiscal 2013 budget. It approved $143,077 in the fiscal 2014 budget and spent $101,334.33 as of Thursday.
The tax raised $43,000 in fiscal 2013, but dropped by $15,000 to a projected $28,000 in 2014 when the Grand Station Casino and Hotel closed in 2012 because of bankruptcy. The city made up the $15,000 difference in 2014.
A year to date total on 2014 special millage collections was not available.