According to city officials, Oxford’s millage rate for the upcoming fiscal year will not increase.

The Oxford Board of Aldermen held a second reading and public hearing on Tuesday for the Fiscal year 2025 budget. No one from the public spoke at the meeting in favor of, or against the budget.

The city mill rate will remain at 32.65. The Oxford School District mill rate is 61.51 – the same as the 2024 fiscal year – making the total millage rate for city residents 94.16 for the upcoming fiscal year.

The fiscal year runs from Oct. 1 to Sept. 30.

The new budget also includes a 3% cost of living adjustment for all city employees.

The projected revenues, which come from fines, forfeits, governmental services, license and permits, ad valorem taxes and sales taxes, are projected to be $46 million. There is about $7.5 million in cash being rolled over.

Taxes bring in the most revenue with about $13 million expected in ad valorem taxes and sales tax should bring in $14 million. Some other revenue sources include water and sewer bills, licenses and permits, recycling and the city’s swimming pool.

Expenses are projected to be $40.6 million.

The biggest chunk of change out of the budget – about 30% – goes to the Oxford Police Department which submitted a $12 million budget. The Fire Department takes about 27% of the expenses with a $8.8 million budget. General government expenses are about 11% of the expenses with a proposed $4.6 million budget.

The city also gains funds from the 2 percent food and beverage tax that helps to fund projects and departments that focus on bringing tourism to Oxford. This year the projected revenue from the 2 percent tax is $6.5 million and an additional $844,000 is expected from the Hotel/Motel tourism tax.

During a special meeting, the Board of Aldermen will vote to approve the budget and millage rate at 3:30 p.m. on Sept. 12 at City Hall.