The proposed property tax rate for fiscal year 2024-25 is $0.295000 per $100 of valuation, the same tax rate the city has had for more than 20 years, said town finance director John Thomson.
The city's proposed new budget will reflect council’s four focus areas of effectively managing public resources, diversifying the tax base, operating efficiently and effectively, and responsibly managing growth, Thomson said.
Zooming in
Council will hold a public hearing ahead of a vote for the proposed tax rate and budget on Sept. 12. The meeting begins at 5:30 p.m. at Northlake Town Hall.
“One of the council’s strategic objectives is to exercise fiscal responsibility by sustaining the low property tax rate,” Thomson said in an email. “This strategic objective is mirrored in the budget process, where town staff prioritize developing a budget that will maintain the current tax rate."
The proposed budget has operating revenues totaling $48.8 million, with operating expenditures totaling $44 million for all funds, Thomson said.
He said when revenues exceed expenditures, the surplus is added to the existing fund balance where the revenues were earned.
The general fund, which is supported by property taxes and accounts for various services around the city, has operating revenues totaling $12.3 million and operating expenditures totaling $12.28 million.
“Council tasked town staff with focusing on maintaining current service levels,” Thomson said. “To do so, the town will be hiring additional positions and purchasing equipment to meet needs related to public safety, public works and town administration. This includes two additional police officers and a detective.”
Also of note
Thomson added that council asked staff to investigate if adding traffic markings and hiring a sign crew was feasible. Town staff identified funding for this new service request and the town will be adding a crew leader, maintenance worker and associated equipment, he said.
