The approval came during a special Sept. 10 City Council meeting that followed a month of budget presentations and workshops throughout August.
Jared Werner, the city's chief financial officer, said the city's main goals through creation of the new budget included maintaining its solvency, maintaining its existing resources and continuing to deliver on its 2019 bond program.
"We are pleased to say that this budget does achieve all three of those priorities," Werner said.
The proposed tax rate for 2021 is $0.483194 per $100 of valuation, which is slightly lower than 2020's rate of $0.48822, Werner said.
Regarding the city budget, Werner projected $134 million in revenue and $235.9 million in expenditures, of which more than $100 million will be through the city's capital fund.
"I think it's interesting to note that this is the first time our capital fund allocation has exceeded that of the general fund," he said. "That is entirely driven by a $55 million issuance that will be on [the City Council] agenda for next Monday, as well as the remaining funds that are available to complete the 2013 bond projects."
Though council passed the tax rate and the budget Sept. 10, the second reading of both and a vote for adoption are still slated for Sept. 14.