OXFORD – Village of Oxford residents will face a 1.6 percent tax levy increase as well as higher water and sewer rates in the coming year as a result of the spending plans adopted by municipal leaders following a public hearing on Tuesday.
According to Mayor Terry Stark, the village’s general fund budget will total $978,760, a “minimal inflationary increase” of $3,759, or .04 percent, over the current fiscal year. Tax payers are bearing a larger burden, however, due to a loss of revenue, which the mayor attributed primarily to an anticipated 8 percent reduction in sales tax revenue.
Additionally, the municipality is facing a 21 percent increase in employee pension and health care contributions.
“Due to the revenue loss and the increase in employee benefits it was necessary to reduce or minimize increases in several budget areas to maintain the overall tax rate increase to less than 2 percent,” Stark reported.