The adopted tax rate is the no-new-revenue rate, meaning it is the tax rate at which the city would raise the same amount of property tax revenue as it did the previous year before factoring in newly built properties.
It is an approximately 21.3% decrease from the FY 2021-22 rate of $0.536448 per $100 valuation.
The rate breaks down into a $0.27388 maintenance and operations rate used to fund most day-to-day city operations and a $0.1481 interest and sinking rate used to service debt.
The city's budget for FY 2022-23 totals $104.5 million in expenditures, with the general and utility funds accounting for $28 million and $20.6 million, respectively.
The top expenditure category in the general fund is personnel services at $13.8 million, followed by professional services at $5.5 million and capital outlay at $4 million.
In the utility fund, the highest expenditure is debt service at $9.6 million.
Officials said in the future, budget discussions will start earlier in the year to allow city officials and members of the public more time to deliberate.
"We'll start earlier in the budgeting process in January so it's not a compressed schedule," Council Member Randall Clark said.