“Not only is the budget itself conservative, but we have several strategies built into next year’s budget to help mitigate any additional impacts of COVID-19 that we may continue to experience,” city Chief Financial Officer Jared Werner said.
Council passed the budget, which Werner on Sept. 10 projected at $134 million in revenue and $235.9 million in expenditures, of which more than $100 million will be through the city's capital fund.
Council also officially passed the tax rate for FY 2020-21—$0.483194 per $100 of valuation—slightly lower than FY 2019-20's rate of $0.48822.
During the Sept. 14 meeting, council also voted to approve $14.47 million in certificates of obligation, as well as a general obligation bond at $47.77 million that will support various 2019 bond projects, including several fire stations and road projects, Werner said.
Information from the city states the bond issuances should be paid out in roughly 12 years.