Homeowners in Newark can expect a modest increase in their property taxes this year.
Newark city council gave their final approval to the budget and tax rate for fiscal 2014 at their Thursday night meeting.
The tax rate increased a little more than 1 cent, from $0.5617 per $100 valuation to $0.5735 per $100 valuation. Under that rate, the average homeowner will pay an additional $7.31 in annual property tax.
The council also approved a budget that looks to have more than $92,000 in surplus, with general fund revenue projected at $385,965 and expenses projected at $293,965. However, 98 percent of that surplus goes to make up for deficit spending in the water and sewer fund, leaving a total surplus of just $1,871.
Once again, zero percent of the budget is earmarked for parks and recreation.
The council also increased the minimum monthly water rate on users from $24 to $29.
The $19,000 in extra revenue that is projected generate will go toward annual payments on a $500,000 certificate of obligation. Funds from the loan will go toward water and sewer projects and street repairs next year.