Cloverdale budget approved for 2024

Cloverdale Town Hall

CLOVERDALE — With increases all around compared to this year, the Cloverdale Town Council adopted the town’s budget for 2024 on Tuesday.

Two funds will remain unchanged from this year, with the Casino/Riverboat Fund at $12,000 and the Economic Development Tax Credit Fund at $75,000.

Meanwhile, the most significant increases in terms of the line item amounts are in the Rainy Day Fund, the General Fund and the Cumulative Capital Development Fund. Rainy Day will see an increase of $130,000 to $180,000. The General Fund will increase by just over $108,500 to $795,109. Meanwhile, Cumulative Capital Development will go from $70,000 this year to $131,000.

Otherwise, the town’s Cumulative Capital Improvement Fund will increase relatively marginally from $8,000 this year to $12,000 for 2024.

After holding a public hearing without comments, the council approved additional appropriations of unexpended money from 2022 to go from the General Fund to the Rainy Day Fund. Clerk-Treasurer Kelly Maners provided that the latter would be replenished by doing so.

This leaves reductions from this year for the town’s Local Road and Street and Motor Vehicle Highway funds. The former will decrease from $47,000 to $20,000, while the latter will go significantly from $308,400 to $120,000.

With the budget totaling $1,345,109 and the tax levy set at $580,923, the tax rate is at $1.05.

With home-ruled funds, which are not reviewed by the state, Cloverdale’s Public Safety Local Option Income Tax (LOIT) is set at $106,320, a reduction of about $8,7,00 from this year. Meanwhile, its Food and Beverage Fund will see a $10,000 increase to $110,000. The Local Law Enforcement Continuing Education (LECE) Fund will remain at $4,000.

The town also has funds set up to administer funding concerning an opioid settlement from the state. A restricted fund is set at $1,887, while an unrestricted fund will have $954. The funds were established last November.

The council held its public hearing on the budget last month with no comments provided.