The additional income will largely come from hospitality tax and business license revenue. Contributed image
Spartanburg's City Council unanimously approved the city's $40.8 million budget on its first reading.
The budget includes no tax or fee increases based on projected income growth of 4 percent. According to Assistant City Manager Chris Story, the growth will largely come from hospitality tax and business license revenue, which are markers of a strong local economy.
The income growth will be absorbed in the budget by expenditure increases from equipment replacement funds, facilities maintenance, and city employee medical insurance and retirement increases.
Among other expense details include a 3 percent cost-of-living pay increase; a 7 percent increase for the medical insurance fund; mandatory increases in employee retirement amounting to $250,834; building facilities maintenance amounting to $220,000; and equipment replacement amounting to $1.49 million.