Council also ratified the FY 2022-23's tax rate at $0.1778 per $100 in taxable property value.
Both the budget and tax rate passed unanimously, although Mayor Pro Tem Taline Manassian was absent from the meeting.
The tax rate represents a decrease of $0.0122 per $100 in taxable property value from FY 2021-22 rate of $0.1900, but still exceeds the no-new-revenue rate of $0.1512. The no-new-revenue rate is the rate that would produce the same amount of taxes if applied to the same properties taxed in both years, according to the state comptroller's office.
Even with the year-to-year rate decrease, the city expects to "raise more total property taxes than [the 2021-22] budget by $490,727.59," due to growth in the city's taxable properties, according to a budget document prepared by Finance Director Shawn Cox.
Headlining the newly adopted budget is the general fund, which includes the parks budget, Founders Day funding and the city's operating expenses such as employee salaries and maintenance work. The fund's expenses are proposed at $12.83 million, a projected $3.3 million increase from FY 2021-22. Transportation projects, city hall improvements, an increase in the city salary allotment and park upgrades are a few of the major items responsible for the proposed increase.
The proposed general fund revenue, of which a large portion comes from taxes, is $14.64 million.
Proposed revenue from the consolidated utility fund, which includes water, wastewater and utility operations, is set at $15.88 million in the new budget, while expenses are proposed at $10.92 million.
Expenses related to the hotel occupancy tax fund are proposed at $1.05 million, an increase of more than $300,000 from the FY 2021-22 budget.
The budget will take effect Oct. 1.
